The Malaysian Industry-Government Group for High Technology (Might) is working with the United Kingdom (UK) and Japan to finance science, technology and innovation (STI) projects in Malaysia.
Might Joint-Chairman Prof Tan Sri Zakri Abdul Hamid said the Malaysian government had been working with the British government to set up the Ungku Amar Newton Fund to enhance research and development (R&D) in the local STI industry.
"The British government will allocate four million pounds a year, for five years, into the fund, which will be matched equally by us," he told a press conference after the company's annual general meeting here Friday.
Zakri, who is also the Science Advisor to the Prime Minister, said a memorandum of understanding for the collaboration between Malaysia and the UK would be signed soon, adding that the four million pounds needed to be spent by March 2015.
He noted that the priority areas that the R&D would focus on were the impact of climate change on areas such as water, energy, health and food security.
Meanwhile, on its role in technology nurturing, Might Technology Nurturing (MTN) has signed a heads of agreement with Japan-based Asian Energy Investment Pte Ltd to create a fund management company called Putra Eco Ventures Inc in September last year.
Might President and Chief Executive Officer Dr Mohd Yusoff Sulaiman said the objective of the fund was to invest in efficient and renewable energy assets and businesses.
"Putra Eco Ventures will kick off with US$10 million, which will be replenished once finished. We will start with Melaka because they have already announced their green action plans for the state.
"The potential targets for funding from Putra Eco Ventures involves a lot of projects like smart grid, energy saving activities and smart buildings," he said.
Mohd Yusoff added the company sought to fund projects which have the potential to give return on investments of 10 per cent or more.