KUALA LUMPUR (March 26): The Malaysian Technology Development Corporation (MTDC) has approved an allocation of RM101.33 million to 112 technology companies to develop, carry out the validation process or commercialise their products, technologies and services.

Deputy Minister of Science, Technology and Innovation Datuk Mohammad Yusof Apdal said the funding facility was provided through the National Technology and Innovation Sandbox (NTIS) initiative.

He said since NTIS was launched in August 2020, it had received a total of 268 applications to fund projects related to drone technology, 4IR technology, agricultural technology and health technology.

"To date, MTDC has approved financing for 112 companies and of that number, 53 companies have completed the market technology validation process and entered the commercialisation phase.

"Since the launch, a total of 32 local projects have been commercialised involving a value of RM88.4 million and four products have been exported abroad," he said when wrapping up the debate on the Motion of Thanks For the Royal Address on behalf of the ministry in the Senate on Tuesday.

He also that a total of RM274 million had also been spent to finance the research and development fund of 245 projects aimed at creating an environment that allows innovation and the use of new technology.

Meanwhile, Deputy Minister of Tourism, Arts and Culture Khairul Firdaus Akbar Khan said the ministry and Tourism Malaysia will hold further discussions with state governments regarding the proposal to include unique events in the national tourism calendar.

"This will see that unique tourism events at the state level such as the squid catching festival and the ‘pelita raya’ competition in Terengganu are included in the national calendar to attract tourists from within and outside the country," he said when winding up the debate on behalf of the ministry.