PETALING JAYA: Grants and start-up funds have been allocated under Budget 2022 to support the growth of innovation and technology in the country, says Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
The Finance Minister said RM423mil has been allocated under the Science, Technology and Innovation Ministry (Mosti) and the Higher Education Ministry for research and development purposes.
This also comprises a RM295mil allocation made to public learning institutions.
Grants worth RM12mil have been allocated for collaborative research in Engineering, Science and Technology in the gallium nitride sector, which has applications in LEDs for electric vehicles.
RM30mil has been allocated under the Innovation Hub: Fourth Industrial Revolution, through the Technology Park. This is aimed at providing exposure and will benefit 10,000 entrepreneurs.
Meanwhile, RM20mil will be allocated for start-up economics through the Cradle Fund. This is in line with the aim of MyDIGITAL and MyStartup which will be rolled out in stages and benefit 2,500 companies and provide 5,000 job opportunities.
Meanwhile, RM45mil was allocated as an incentive for technology transformation towards the Fourth Revolution Industry among SMEs in the manufacturing and services sectors.