KUALA LUMPUR: Malaysia needs to start thinking about mandating companies, both local and foreign, to contribute a portion of their revenue to support research and development (R&D) in Malaysian universities.
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This was suggested by Deputy Minister of Investment, Trade and Industry Liew Chin Tong who recalled that during a visit to Brazil, he learned from Petronas that Brazilian regulations require companies to contribute 1% of their revenue – not profit – to R&D in the country’s universities.
“And they (Petronas) contribute a lot of revenue (to R&D). (Therefore) whether it comes from Malaysian companies or whoever makes money out of Malaysia we have to start thinking about mandating some contributions by companies that make money in this country,” he said.
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