Kuala Lumpur (June 27, 2023) – In a significant stride towards bolstering the national economy and technological innovation, the Malaysian government has announced the launch of the MySTI program. The initiative, conceived as a powerful tool for economic recovery in the post-COVID-19 scenario, aims to strengthen local industry’s innovative and competitive capabilities in the science, technology, and innovation (STI) sectors.
The MySTI program promises a multi-pronged impact on the nation’s economic rejuvenation, boosting job creation, enhancing the prowess of technology-based local companies and industries, reducing dependency on imported goods, and improving the nation’s trade balance position.
Diving into MySTI But what exactly is the MySTI program? What are its key roles, and how can it influence your product?
The MySTI program is a government initiative designed to further enhance the commercialization and marketing of local technology and innovation. It identifies goods and services produced through local R&D activities by assigning the MySTI logo and certificate. Goods and services that secure the logo and certificate are given preferential treatment in government procurements.
MySTI also provides an inclusive platform connecting the government, researchers, product/technology owners, technopreneurs, prospective buyers, potential investors, collaborators, and the people. The MySTI inventory will compile goods and services from recognized local R&D ready for commercialization.
The primary roles of MySTI are:
- To serve as a medium for eligible applicants to submit applications for the logo and certificate for goods and services produced from local R&D activities.
- To act as a database for collecting goods and services from local R&D, approved with the MySTI logo and certificate.
- To serve as a reference for implementing the Government Procurement Programme for goods and services produced by local R&D.
But how does MySTI influence your product? Overall, the MySTI initiative is capable of the following:
- Enhancing the visibility rate of products and services produced through local R&D in the market.
- Providing market access, especially in government procurements.
- Promoting your product in the campaign for the use of local R&D goods and services.
- Offering your company the opportunity to grow and attract investor interest through government contract execution and performance records.
The MySTI program is a testament to the government’s unwavering commitment to developing a robust STI-driven local industry, thereby aiding the nation in its post-pandemic economic recovery efforts.
Apply MySTI here.