In recent years, Malaysians have witnessed billions of ringgit flowing from our Government-Linked Companies (GLCs) into foreign startups and enterprises, especially in the fields of renewable energy, technology, and electric mobility. Names from Europe, India, and even the United States have received generous injections of capital, often justified as “strategic global positioning.”
But a painful question arises, why are we so quick to invest abroad, yet so blind to the innovators in our own backyard?
Take the case of UMORIE Graphene Technologies Sdn. Bhd., a Malaysian deep-tech company founded in 2020. UMORIE has achieved what many thought impossible, producing graphene super batteries locally from palm oil waste. This breakthrough addresses three critical needs of the future, faster charging, longer battery lifespan, and safer energy storage.
UMORIE has already developed Malaysia’s first graphene battery (2021) and a high-speed electric motorcycle with fast-charging capabilities. Their vision is bold, to turn Malaysia into a hub for graphene-enhanced energy solutions, reducing dependence on imported lithium-ion technology while creating sovereign value for the nation.
Yet, despite these milestones, validated by multiple international awards, LOIs from global companies like Aerodyne and Independence-X Aerospace, and even interest from the Indonesian government to host factories, UMORIE still struggles to attract significant funding from our very own sovereign wealth funds and GLCs.
Meanwhile, Khazanah and Petronas Ventures have poured money into foreign startups in Estonia, India, and beyond, companies that are still in early R&D phases, some focusing only on a single component of battery technology. Why do we believe foreign innovation deserves more faith than local genius?
This reveals a troubling mindset, the colonial hangover of doubting our own capabilities. We celebrate foreign brands and chase global trends, but when it comes to betting on Malaysians, our institutions hesitate. This not only stifles local talent but risks leaving Malaysia permanently dependent on imported technologies.
If GLCs truly serve the rakyat, their investment mandate must shift. Instead of chasing prestige abroad, they should nurture homegrown champions like UMORIE that align with national interests, green energy, sustainability, and industrial sovereignty. Supporting local innovators is not charity, it is nation-building with long-term economic returns.
The irony is clear, while Indonesia courts UMORIE with opportunities for collaboration, Malaysia’s own sovereign investors remain on the sidelines. If this trend continues, we will wake up one day to find our best technologies powering foreign economies, while we remain mere consumers.
It is time for Khazanah, Petronas Ventures, PNB, and other GLCs to answer this simple question, why do we ignore our own innovators until someone else claims them?
Malaysia does not lack talent. What it lacks is faith in itself.
* Kerajaan jgn Banyak berniaga lesen, permit, yuran Dan cukai pernoagaan dgn rakyat, tapi banyakkan bantuan cdan kurangkan cukai Dan denda kewangan kpd rakyat.