Budget 2023: MOF will keep supporting medical device sector

The Finance Ministry will continue supporting the medical device sector as one of the main growth sectors at the tabling of Budget 2023 on October 7.

Finance Minister Tengku Zafrul Abdul Aziz said the medical device sector has created job opportunities from 2017 to 2021 and contributed RM41.3 billion in exports in 2021.

“Of the 30 largest medical device industry players in the world, 10 operate in Malaysia, including Penang.

“In 2021, as much as RM7.7 billion in total investment has been attracted by this sector, including several companies that have been operating in Bayan Lepas for up to 50 years and companies that are in the process of building a new factory in Batu Kawan, Penang,” he said in a statement today.

The minister said he recently held a Budget 2023 tour session to Penang and chaired a dialogue session with more than 20 players in the medical device industry together with Penang Chief Minister Chow Kon Yeow.

Engagement sessions with several high-growth technology start-ups were also held in the state, he said.

Zafrul (above) said this effort is also in line with the establishment of the latest Public Consultation Paper for Budget 2023 entitled “Policy on the Use of Local Research and Development (R&D) Products, Services and Technology in Government Procurement”.

The paper aims to protect and develop the capabilities of local technology companies through improving technology transfer, commercialisation, and marketing of local R&D products.

He also said a dialogue session was held with the founder and management of The Habitat in Bukit Bendera on the “Unesco Man and Biosphere Reserve” programme, one of the recipients of Budget 2022 allocations.

“With the allocation, it succeeded in improving efforts to apply the concept of a circular economy as the basis for the development of sustainable eco-tourism in Malaysia,” he said.

He added that the support for the ecotourism industry is a two-pronged strategy to preserve the country’s natural treasures and at the same time, target high-value tourists.

- Bernama

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