KUALA LUMPUR (Aug 12): The government, through the Science, Technology and Innovation Ministry (Mosti), has implemented various initiatives and programmes to support local start-ups and foster a conducive environment for their growth, according to Prime Minister Datuk Seri Anwar Ibrahim.

He said the initiatives include financing facilities, advisory services and market access.

As a result, Kuala Lumpur is ranked among the top 30 emerging ecosystems globally in the Global Startup Ecosystem Report (GSER) 2024, he said.

According to GSER 2024, Kuala Lumpur’s start-up ecosystem generated a value of more than RM220 billion from July 1, 2021, to Dec 31, 2023.

“According to the Global Innovation Index 2023 Report, Malaysia maintains its ranking at 36th position among 132 economies with an improved score of 40.9 compared with 38.7 in 2022.

“This makes Malaysia the second most innovative country after China among the 36 upper-middle income countries,” Anwar said when officiating the Malaysia Commercialisation Year Summit 2024 here on Monday.

At the Asean level, Anwar said, Malaysia remains in second place through initiatives implemented by the Malaysian Research Accelerator for Technology and Innovation (MRANTI), especially the National Technology and Innovation Sandbox (NTIS).

He said NTIS has successfully commercialised 32 products or solutions by generating sales of RM88.4 million, building 13 sandbox sites and establishing 62 Innovation Acceleration Network partners within three years of its introduction.

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