2016 Budget encourages entrepreneurship and innovation

Part of Malaysia Budget 2016 is geared to encourage the entrepreneurial spirit in the country with its RM100 million allocation to Agensi Inovasi Malaysia (AIM) as well as the automatic double reduction of RM50,000 in R&D expenses for SMEs.

Minister in the Prime Minister’s Department Datuk Mah Siew Keong said Malaysia’s commitment to productivity and innovation was outlined in Prime Minister Datuk Seri Najib Razak’s Budget 2016 speech last week.

“The Government has approved the automatic double deduction for R&D expenditure of up to RM50,000 for SMEs in order to stimulate collaborative and market-driven R&D. “And, despite the global economic uncertainty and foreign currency challenges, the government will increase its investments in innovation by allocating RM100 million to Agensi Inovasi Malaysia for 2016,” Mah said today.

He was speaking at the opening ceremony of “Innovating Malaysia Conference 2015” which had the theme ‘Transforming Ideas Into Reality’.

Source – : http://www.nst.com.my/news/2015/10/2016-budget-encourages-entrepreneurship-and-innovation

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