Innovation to be made an important component of economic policy

"When we speak of an innovation-centric economy, we refer to an ecosystem that is supportive, vibrant and inclusive.

"It is an environment that empowers the man or woman on the street to push the boundaries of their abilities and achievements and influence socio-economic development of their immediate and extended community," he said.

Najib said this in his welcoming address delivered via a video presentation at the World Innovation Forum-Kuala Lumpur 2013 (WIF-KL2013) at the Kuala Lumpur Convention Centre, on Wednesday.

Najib also praised technology and innovation, that enabled him to deliver this message to a 2,000-strong audience from 40 countries of the WIF-KL 2013 forum.

Therefore, he pointed out that everyone must make a conscious and concerted effort to promote and instill innovative thinking.

The prime minister noted that the Ministry of Science, Technology & Innovation (MOSTI), through its agency such as the Malaysia Innovation Foundation, has embarked into programme of discovery of innovative products and services at the grassroots level.

Najib said that the innovation was a global phenomenon, whereby innovation leaders were found across the world.

He cited the Global Innovation Index Report 2013 covering 144 economies, with Malaysia ranked at 32nd place offering a number of insights.

"Certainly, there is also growing relevance and need for a global perspective in understanding the process and premise of innovation.

"Innovation is a multi-stakeholder effort that involves governments as well as private sectors, in strengthening Research and Development (R&D) efforts and human resource, as well as harnessing technology," he said.

Najib reiterated platforms such as WIF-KL 2013 was significant because it provided a highly-stimulating and international avenue that involved various stakeholders and industry representatives, addressing innovation challenges in a tangible and holistic manner.

"Malaysia is certainly the ideal venue for such a gathering.

"As a nation on the cusp of making the thrust towards becoming a fully developed nation and high-income economy – one that is in the midst of its transformation from a knowledge-based to an innovation-led economy," he said.