Dr M: Make laws, regulations innovation-friendly

(Bernama) - The government must re-examine all the laws and regulations and update them if necessary to make them innovation-friendly, said former prime minister Tun Dr Mahathir Mohamed.

He said the government should review its policy to ensure it is still relevant to the current business conditions and fast changing environment.

"We have to think whether the laws are still applicable on Thursday or not," he told reporters after the launch of the FMM Innovation Conference here on Thursday by Science, Technology and Innovation Minister Datuk Seri Dr Maximus Johnity Ongkili.

"Unless we understand and accommodate the changes, we are not going to make any high salaries," he said, referring to the high-income economy envisioned by Prime Minister Datuk Seri Najib Razak.

Apart from the government's efforts, the people also need to change their mindset to think in innovative ways, he said.

"If we have the mindset, it is easier for us to innovate," he added.

However, he said businessmen should not treat rules and regulations as barriers to innovation in their business, and urged them to think innovatively to get around the regulations.

"If they (businessmen) look carefully, they can find a niche for themselves with the skills they have," he said.