Innovative and human capital capacity towards Malaysia's economic development

Che Sulaiman, Nor Fatimah (2013) Innovative and human capital capacity towards Malaysia's economic development. In: 1st International Conference on Innovation and Sustainability (ICOIS 2013), 3-4 April 2013, Sunway Resort Hotel & Spa Kuala Lumpur, Malaysia. (Unpublished)

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Official URL: http://www.icois2013.uum.edu.my/

Abstract

The 10th Malaysia Plan (2011-2015) and the New Economic Model (NEM) both stress human capital development and improvements in innovation capacity. Malaysia's Prime Minister in his Budget 2012 address in Parliament announced various incentives to encourage human capital development as well as instill a culture of innovation to move the local economy to a higher level.To transform productivity, significant improvements are required.Therefore, skilled human capital is vital for Malaysia's economic growth. However, there is little technology transfer or technical spillover from foreign to domestic firms who suffer from a continuing shortage of skilled labor.An important factor for sustainable economic growth in an increasingly competitive business world which thrives on a knowledge-based environment is to have skilled and knowledgeable workers.This paper focuses on the relationship and the role of innovative capacity and human capital for economic development.This paper also highlights that skilled human capital and innovative capacity are crucial elements in driving Malaysia's economic growth.The indirect effect of human capital, through innovation, emerges here as critical, showing that a reasonably higher stock of human capital is important to enable Malaysia to reap the benefits of its innovative capacity.To sustain a high economic development, Malaysia has to overcome the inadequate supply of skilled human capital and also the stagnant innovative capacity.

Item Type:	Conference or Workshop Item (Paper)
Additional Information:	Organizer: School of Government, UUM College of Law, Government and International Studies, Universiti Utara Malaysia; Partner with: Sunway University & HUSO
Subjects:	H Social Sciences > HD Industries. Land use. Labor
Divisions:	College of Law, Government and International Studies
Depositing User:	Mrs. Norazmilah Yaakub
Date Deposited:	27 Aug 2013 08:54
Last Modified:	28 Aug 2013 00:33
URI:	https://repo.uum.edu.my/id/eprint/8723

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