PETALING JAYA: A local campus of an Edinburgh-based research-intensive university has called for a larger allocation to be set aside for the higher education sector under the 2023 budget.
Heriot-Watt University Malaysia provost Mushtak Al-Atabi said increasing funding for the sector would help boost the country’s gross domestic product (GDP).
And according to CGS-CIB Research, Malaysia’s GDP was showing signs of slowing down, he said, with an expected drop to 4.1% next year, from the 5.2% recorded this year.
Mushtak, who is also the Vice Chancellor’s Council for Private Universities chairman, said when there are signs of slowing down, it was time to invest more in human capital development.
He went on to say that among the key considerations to achieve the overall GDP includes positioning Malaysia as the preferred tertiary education hub in Asia Pacific.
The Malaysian higher education sector, he said, is valued at over RM30 billion and has the potential to positively generate and contribute revenue to the overall GDP.
“Our goal must be to triple this figure through innovative solutions. In order to do this, it is mainly necessary to attract more high-quality international students.”
It would also help, he said, to offer a two- to three-year tax holiday to expatriate academic staff in areas where the country lacks talents while government sponsorship for students going overseas can be redirected to local universities instead.
Another way forward, Mushtak said, is to improve the quality of local graduates and talent to meet the demands of the digital future.
“To widen access to education, the government can consider providing double tax deductions for scholarships awarded to students by private higher education institutions.
“Interest paid can be claimed via personal tax relief and PTPTN loan should cover the full fees.”
Mushtak said the 12th Malaysia Plan (12MP) stated that research and development may account for 5.2% of the GDP by 2025, calling it an investment.
“As such, the MYBrain grant needs to be reintroduced to support students who want to pursue postgraduate studies for research and development,” he said, referring to a scholarship programme for those who want to venture into postgraduate studies which were suspended in 2018 due to funding problems.
With more funding, Mushtak said it can also be allocated to programmes for talent retention and enable the youth to work for global companies in Malaysia which will contribute to the country’s economy.
