KUALA LUMPUR, Oct 28 — The total allocation of RM280.25 billion in Budget 2018, which increased from last year’s RM260.8 billion, is a progressive step towards enabling Malaysia to become more resilient and competitive, said 3M Malaysia Sdn Bhd.

The company applauds the government’s acknowledgement of the need to advance the country’s economy as it enters the fourth industrial revolution by inculcating knowledge, high skills, expertise, creativity and innovation.

"The RM46 billion allocated for the nation’s development will set the path to gear Malaysia for the new industrial revolution and digital economy.

"As such, we hope the government will work more closely with the private sector to identify the most effective means of achieving such growth,” its Managing Director, Parameswaran Nair said in a statement today.

Equipped with the 3M Customer Innovation Centre, he said 3M Malaysia was ready to provide strong private-public collaboration opportunities to further grow Malaysia up the economic value chain.

Additionally, demand for innovative technologies also allows Malaysian manufacturers and businesses to move to higher bands of their respective industry, he added.

Parameswaran said simultaneously, the growth of Malaysia’s middle-income segment would further strengthen the demand for high quality consumer products.

"At 3M Malaysia, we are encouraged by the opportunities presented in Budget 2018 which outlined a strong and positive commitment towards initiatives for innovation and commercialisation purposes.

"Prime Minister Datuk Seri Najib Tun Razak’s expectations for private investments to reach RM260 billion in 2018 will certainly drive the private sector as the country’s growth engine.

"This is a key step towards establishing Malaysia as the hub for high-value chain products, talent and services in the region and beyond,” he said.

3M Malaysia will strive to maintain a leading role in the country’s infrastructure development, Parameswaran said, adding that Malaysia, being one of Asean's leading economies, would continue to be a key growth market for the company.

"We believe the strength of local infrastructure, human capital and abundant resources will enable Malaysia to grow into an innovation hub to propel it to become a high-income and developed nation.

"We are eager to work with business partners, as well as the government to advance Malaysia’s culture of innovation,” he said. — Bernama