Recognising the importance of science, technology and innovation (STI) in driving economic growth, more so in addressing issues and challenges affecting the country, Malaysia through its National Science, Technology and Innovation Policy 2021-2030 (NSTIP 2021-2030) introduces the concept of science, technology, innovation and economics (STIE).
Under the long-term policy, STIE is given priority as “a socio-economic instrument” in enhancing the society – from knowledge, innovation and wealth generation, to inclusion and well-being. Achieving this will involve fully implementing policy principles, specifically:
- STIE as an essential enabler in national policy and development; and
- Collaboration between the government, industry, academic and community.
However, there is a need to first and foremost bolster the role of STIE. Malaysia intends to do so by fostering the coordination, comprehension and advancement of the wide-ranging areas of science and technology.
This can then lead to establishing robust foundation, encouraging innovation and implementation in science and technology, boosting the national economy, and in line with NSTIP 2021-2030 working towards transforming the country into a high-tech one by 2030.
Adapting and Developing Digital Technology
Key to driving the STIE agenda through NSTIP 2021-2030 is digital technology and infrastructure. This aligns with Malaysia’s transition towards the Fourth Industrial Revolution (4IR), leading to decreased reliance on traditional workforce.

While the Malaysian Government together with the World Economic Forum has set up a centre for 4IR in the country, industries must also play their part in supporting 4IR by embracing digitalisation to ensure business relevance and sustainability.
This can be achieved through various activities such as exploring and applying frontier technologies that include artificial intelligence (AI), Internet of Things (IoT) and big data analytics in the local context within both the public and private sectors.
What is more crucial is for Malaysia to shift from merely utilising technology to developing them. Here, technological research and development (R&D) is instrumental to be able to leverage resources effectively in order to tackle national challenges.
Equally important is creating and sharing knowledge, which will not only reduce dependency on external technologies, but also support the transformation into a more innovative and competitive economy, subsequently opening up more business opportunities for technopreneurs across the country’s sectors.
Talent Development the Utmost Priority
Above all, investing in its people to have the capability to take full advantage of digital technology is fundamental to ensure a flourishing STIE and overall technological progress in Malaysia.
This is because a highly skilled and adaptable workforce drives innovation and the invention of new products, services and technologies. They can further accelerate the growth of industries as they enhance work processes by adopting advanced technologies.

It is worth noting that the use of science and technology is not restricted to economic growth. Rather, STIE strives to address societal challenges such as poverty, healthcare and education to ensure that everyday Malaysians, whether in urban or rural areas, can prosper in a high-tech nation.
Guaranteeing this requires long-term efforts on inculturation and application of science and technology in daily living, in addition to optimising digital platforms to improve the dissemination of information among the people. This, states the NSTIP 2021-2030, “will assist society in becoming high tech and scientific-minded to easily adapt to the changes of technology.”

References:
Ministry of Science, Technology and Innovation. (n.d.). Dasar Sains, Teknologi dan Inovasi Negara (DSTIN). Portal Rasmi Kementerian Sains, Teknologi Dan Inovasi. https://www.mosti.gov.my/en/dstin/
World Economic Forum. (2023, May 15). Centre for the Fourth Industrial Revolution Malaysia to Accelerate Green Transition, Digital Transformation. https://www.weforum.org/press/2023/05/centre-for-the-fourth-industrial-revolution-malaysia-to-accelerate-green-transition-digital-transformation/