Medical Devices Top Growth Factor to Consider in 2023 Budget, Says Tengku Zafrul
KUALA LUMPUR: The Ministry of Finance is committed to supporting the medical device sector as one of the key growth sectors to be considered in the 2023 budget, says Tengku Datuk Seri Zafrul Tengku Abdul Aziz (Photo).
The finance minister said the success of medical device companies that have entered the global market and contributed to the country’s economy should not be doubted.
“With this, through the 2023 budget, the ministry is committed to continue supporting the medical device sector as one of the key growth sectors, taking into account its contribution to the creation of 39,000 job opportunities. employment from 2017 to 2021 and a contribution of RM41.3 billion from exports in 2021,” he said in a statement Tuesday, September 6.
The statement was released in conjunction with the 2023 budget tour in Penang recently by the ministry led by Tengku Zafrul, which solicited views and suggestions from state government, industries and grassroots in the efforts of the federal government to draft the annual budget so that it can meet the needs of the people and, at the same time, stimulate the economic growth and development of the country.
The tour, which included a dialogue, was chaired by Tengku Zafrul and the Chief Minister of Penang, Chow Kon Yeow, with the participation of more than 20 industry players from the medical device sector.
There are currently 30 major players in the medical device industry globally and ten of them are operating in Malaysia, including Penang.
The statement said that in 2021, a total of RM7.7 billion in investment was attracted to these sectors, including several companies that have been operating in Bayan Lepas for more than 50 years and a company that is in the process of building its new factory in Batu. Kawan, Penang.
During the event, Tengku Zafrul also took the opportunity to host an engagement session with several high-growth technology companies.
The effort is consistent with the formation of the latest public consultation document (KKA) for the 2023 budget titled “Policy on the Use of Local Research and Development (R&D) Products, Services and Technologies in Public Procurement” which aims to protect and develop the capacity of local technology companies by improving the ecosystem for technology transfer, commercialization and marketing of local research design (R&D) products.
KKA comments can be shared through the website https://budget.mof.gov.my/bajet2023/kertaskonsultasi/ until September 15.
In terms of sustainable development which will also be a priority axis of the 2023 budget, the Minister of Finance also had the opportunity to engage in dialogue with the founder and management of The Habitat in Bukit Bendera to obtain the latest status of the “Unesco Man & the Biosphere Reserve”, one of the beneficiaries of the 2022 budget allocations.
With the award, he successfully enhanced efforts to apply the concept of circular economy as the basis for sustainable ecotourism development in Malaysia.
Supporting the ecotourism industry is a two-pronged strategy to preserve the country’s natural treasures and at the same time target high-value tourists.
The statement added that the 2023 budget tour in Penang has completed the all-state tour.
In addition, the publication of six KKAs also contributed to the amendment of the 2023 budget which is more comprehensive and takes into account the feedback from different parties for the welfare of the people and the country.