Mosti allocating RM50 million for ‘buy back’ policy this year

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PUCHONG: The Ministry of Science, Technology and Innovation (MOSTI) is allocating RM50 million under its newly implemented ‘buy back’ policy this year, in order to encourage local industry players to come up with innovative products.

Under the ‘buy back’ policy, MOSTI will purchase new products and distribute them to government ministries, said D?eputy Minister Datuk Dr Abu Bakar Mohamad Diah.

“The RM50 million is a first step, if the results are good, we will request for additional funding from the government.

“I am targeting a RM500 million fund by 2020,” he told reporters after opening the Malaysia Biomass Industry Networking 2015 seminar here today.

“Under the ‘buy back’ scheme, we will give a grant to selected innovators to enable them to develop their products.

“We will then buy back the finished products and give to the relevant department for testing before marketing the products,” he said, without disclosing the target number of products under the scheme.

Abu Bakar also expressed hope the number of MOSTI-financed projects would rise significantly from the present 15 worth a total of RM3.5 million.

“If we can get 50 applications for new biomass projects by year-end, that would be good enough,” he said. — Bernama