KUALA LUMPUR, Aug 10 (Bernama) -- Malaysia needs to start turning innovative ideas into products fast for the world market, says the president of the Federation of Malaysian Manufacturers (FMM), Tan Sri Mustafa Mansur.

It is timely for Malaysia to harvest profits from its new products, if it wants to transform itself into a high income economy, he added

"Innovative products fetch higher returns, thereby benefiting entrepreneurs through higher price points, increased profits and ultimately workers by way of higher salaries," he said in a statement issued by FMM here today.

To spread this message and encourage the production and marketing of new innovative goods and services, the FMM is organising the FMM Innovation Conference on Oct 13.

The keynote address will be delivered by former Prime Minister Tun Dr Mahathir Mohamad.

One of the nation's leading innovative minds, he will speak on,"Innovation as Purpose : The Stimulation of the Malaysian Economy".

The one-day conference at the Crowne Plaza Mutiara Kuala Lumpur will be officiated by the Minister of Science, Technology and Innovation, Datuk Seri Dr Maximus Johnity Ongkili.

-- BERNAMA