Malaysia Keen to Invest in Foreign Research Firms: Mahathir

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Last updated at: (Beijing Time) Saturday, January 18, 2003

Malaysia Keen to Invest in Foreign Research Firms: Mahathir

Malaysia is keen to invest in foreign research and development firms which set up research laboratories in the country, Malaysian Prime Minister Mahathir Mohamad said Friday.

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Malaysia is keen to invest in foreign research and development firms which set up research laboratories in the country, Malaysian Prime Minister Mahathir Mohamad said Friday.

Malaysia is left behind by many countries in terms of electronic research but has benefited much from the electronic advancements through researches made by other countries, the prime minister said in his address at the launch of the Multimedia Development Corporation's new research and development (R&D) initiative, the Fast Track Program of InventQjaya.

InventQjaya is a temporary R&D facility owned by US-based Reveo Inc., a company specializing in R&D to create new technologies and form new businesses based on those technologies.

Mahathir said Malaysia has decided to undertake its own research and development, especially in electronics.

To undertake the research, he said, Malaysia will also work with foreign research laboratories.

The prime minister added Malaysia has worked with many foreign research laboratories and has gained a lot from them.

For that reason, he said, Malaysia will support foreign investors willing to set up laboratories in Malaysia.

InventQjaya is owned by Sadeg Mustafa Faris, chairman and chief executive officer of Reveo Inc.

The Malaysian government has agreed to set up a permanent laboratory for Reveo, costing 100 million ringgit (26.31 million US dollars), to help it continue with its research in Malaysia. It will be ready by the end of this year.

The government has allocated 5.2 billion ringgit (1.36 billion US dollars) for information communications technology programs and projects under the Eighth Malaysia Plan (2001-2005).

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