Malaysia is ranked 25th in Business sophistication and Innovation.

Growth in innovation to be able to compete globally.

By JESSICA THOO

PETALING JAYA: Malaysia moved up a notch to the 25th position of the 139 countries in more complex categories of Business sophistication and Innovation in terms of Global Competitiveness Report 2011. 

The World Economic Forum ranked Malaysia above China, Italy, Spain and Portugal in terms of Business sophistication and Innovation that is important for advanced economies.

According to the Global Competitiveness Report 2011, Malaysia was placed 26^th among the 139 countries, remaining a fairly stable score in competitiveness index of 4.88 out of seven. Malaysia ranked in the 8^th position over took other Asia Pacific countries like China, Thailand, India, Indonesia and Philippines. Malaysia’s neighboring country Singapore successfully ranked 3^rd in the Global Competitiveness Report.

The Prime Minister Datuk Seri Najib Abdul Razak said the country needs to be more competitive and to place greater knowledge, innovation and technology.

The government had place innovation as the main agenda in the Budget 2010 to strengthen the transformation of social economic sector as well as the public and private sector in the country to improve the business environment in the country. The improvement of international ranking in innovation can be improved through both public and private sector with dynamic leadership in all sectors and not just depending on public sector only.

 

The government is implementing some of the innovation process through various measures such as the 1 Malaysia Concept, National Key Result Areas, Key Performance Indicators

and New Economic Model.

The World Economic Forum recommended Malaysia to improve the four main pillars which are Higher Education and training, Institutions, Technological Readiness and Labor Market Efficiency that affect Malaysia’s ranking in Global Competitiveness Report.

Government has the responsibilities to pay extra attention and focus in implementing innovation to ensure improvement of ranking in Malaysia to push the country to be a global competitive country.