KUALA LUMPUR, Aug. 28 (Xinhua) -- Malaysia is working to realize 50 billion ringgit (about 12.4 billion U.S. dollars) in medical device exports by 2030 by developing technology, owning intellectual property, and building world-class medical technology companies, Deputy Prime Minister Ahmad Zahid Hamidi said on Friday.

Photo taken on March 11, 2022 shows the scenery of Kuala Lumpur, Malaysia. (Photo: Xinhua)

Citing the sector's successful growth, which generated 34.54 billion ringgit in exports in 2025, Zahid said during the closing ceremony of the KLCC International Medical Device Exhibition and Conference 2026.

"We have the foundations for manufacturing, market access and global confidence. However, the next stage of our export growth needs to be increasingly driven by high-value products," he said.

Zahid explained the success of the sector should be measured not only by the amount of foreign capital inflow or the number of products manufactured in Malaysia but also by the number of Malaysian medical technology companies capable of competing regionally and globally, with the government having set a target for the development of at least 10 such companies.

"We must also look at the amount of intellectual property and technology being developed here, as well as the number of Malaysian companies that become global players," he said.

He noted that by 2025, roughly 4 billion ringgit in new investments in the medical devices sector had been approved through 46 projects, creating nearly 3,400 jobs, adding that the medical technology industry must work proactively with universities and technical, vocational education, and training institutions to ensure a capable workforce is ready before investments arrive. (1 ringgit equals about 0.24 U.S. dollars)