WITH ongoing tensions in the Middle East and uncertainty around the world, it is reassuring to see Malaysia standing strong. The country is ranked first among Southeast Asia’s emerging markets and 23rd globally in the Milken Institute’s Global Opportunity Index 2026.

What does this mean for the development of science, technology and innovation in Malaysia? Growing investor confidence in Malaysia’s stability and growth potential makes it easier for innovators, researchers, and startups to secure funding, build partnerships, and bring their ideas to market. 

For the International Invention, Innovation, Technology Competition and Exhibition (ITEX) 2026, it also helps attract more international participants, giving local innovators greater exposure and more opportunities to collaborate and scale their solutions.

As ITEX marks its 37th edition this year, Malaysia’s improved global standing provides a solid platform for science, technology, and innovation to develop and reach a wider audience.

More than just an exhibition, ITEX showcases thousands of inventions each year and brings together participants from different countries. Many use the platform to refine their ideas, test market interest and connect with potential partners, investors and industry experts. This support is important because most inventions are not ready for commercial use at the early stage. With the right guidance and connections, early ideas can be developed into practical products that address real needs.

Innovation also does not happen in isolation. Successful ideas are usually shaped through discussion, feedback and collaboration between different groups. This is one of ITEX’s key strengths as it creates a space where inventors, researchers, universities and industry players can meet and work together to move ideas forward.

At the same time, ITEX plays an important role in encouraging interest in science, technology, engineering and mathematics (STEM), especially among younger generations. By exposing students and young innovators to real inventions and creative problem-solving, it helps spark curiosity and inspires them to explore future careers in science and technology.

This sense of inspiration is especially evident at the World Young Inventors Exhibition (WYIE), held as part of ITEX Malaysia’s annual event. It is encouraging to see young inventors, from primary school pupils to university students, proudly representing their countries and schools as they share ideas and take part in a healthy, supportive competition.

What better way to learn than by doing, and what better platform than WYIE at ITEX, where young minds can grow through real experience, exchange ideas, and learn from one another in a positive way.

Malaysia has made steady progress in science and innovation over the years. The country remains among the better performing nations in its income group, ranking second among upper middle-income economies in innovation capacity. It is also ranked 33rd out of 133 countries in the Global Innovation Index 2024, its strongest performance since 2016, improving from 36th place in earlier years, according to the Ministry of Science, Technology and Innovation (Mosti).

At the same time, there is still room for improvement. While Malaysia is moving in the right direction, continued efforts are needed to further strengthen the innovation ecosystem so it can compete more effectively with advanced economies. This includes improving the quality of research, encouraging stronger industry participation, and ensuring more ideas move beyond the research stage into real world application.

In terms of research and development (R&D), Malaysia recorded about RM12.8 billion in R&D spending in 2022, as shown in the Economic Census 2023. This reflects steady investment in science and technology across different sectors. The government has also set clear targets to increase this spending further, aiming for 2.5% of GDP by 2025 and 3.5% by 2030 under the national science and innovation policy. These goals highlight a long-term commitment to building a stronger innovation base.

Innovation is also beginning to deliver more real-world results. Between 2016 and 2023, more than 550 technologies and products were commercialised, generating over RM729 million in revenue, according to the Malaysia Commercialisation Year initiative. This shows that research is increasingly being translated into practical solutions that benefit both industry and society, although further effort is still needed to scale up and expand these outcomes.

Platforms such as ITEX play an important role in supporting this progress by connecting inventors, researchers, and industry players to strengthen the innovation pipeline. ITEX 2026 will be held at KLCC from 18 to 19 May, continuing its role as an important meeting point for ideas, collaboration, and commercialisation within Malaysia’s innovation landscape.

Chong Yen Mee is a member of the UNFCCC Roster of Experts and Tan Sri Em Prof Datuk Dr Augustine SH Ong is the president of Malaysian Invention and Design Society (MINDS) and senior fellow of the Academy of Sciences Malaysia