KUALA LUMPUR, The Malaysia Commercialisation Year (MCY) initiative has led to the commercialisation of 553 products, technologies and services from 2016 to 2023, generating revenue exceeding RM729.9 million in both local and global markets, said Prime Minister Datuk Seri Anwar Ibrahim. The Prime Minister highlighted a significant increase compared to the period from 2016 to 2022, during which 474 products were commercialised, generating RM540 million in revenue. 'The 2022-2023 period alone saw a 16.67 per cent increase in the number of products commercialised and a 35.17 per cent growth in revenue. 'The growth underscores Malaysia's accelerating pace towards becoming a regional leader in innovation, with MCY recognising local technology entrepreneurs for their successful commercialisation of research, development and innovation (RandDandI) products in both local and international markets," he said in his MCY Summit 2024 launch speech. The summit aims to celebrate and further accelerate the commercialisat ion of RandDandI in Malaysia, propelling the nation towards regional leadership in innovation. In honour of local technology entrepreneurs, the Prime Minister presented the prestigious MCY Awards in six categories, including the Supreme Award, to six exemplary technopreneurs for their achievements throughout 2023. Anwar also witnessed the signing of three memoranda of understanding (MoUs) and one memorandum of agreement, including an MoU between Maxis and Huawei. These agreements collectively aim to strengthen Malaysia's position as a regional leader in innovation and technology. To bolster the commercialisation of local RandDandI, the Ministry of Science, Technology and Innovation (MOSTI) has introduced the 'Use Local RandD Product Initiative (MySTI)' in government procurement. This initiative aims to enhance the commercialisation of local RandDandI activities through the MySTI logo, which identifies products, technologies and services in the inventory prioritised for government procurement. Source: B ERNAMA News Agency