KUALA LUMPUR: A total of RM364 million will be allocated for research and development (R&D) in the country next year.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the allocation would be channelled to projects done under two ministries — the Science, Technology and Innovation Ministry and Higher Education Ministry.
"Meanwhile, RM50 million will be allocated, among others, to develop nanotechnology under NanoMalaysia Bhd, RM16 million to drive business innovation through incentive schemes, RM5 million for venture capital through equity injection and Malaysia Techlympics 2023 to support innovative ideas with RM7 million allocation," he said when tabling the 2023 Budget in the Dewan Rakyat today.