CYBERJAYA (June 19): It is "business as usual" at the Malaysian Global Innovation & Creativity Centre (MaGIC) after Malaysia's government change following the 14th general election on May 9, 2018, MaGIC chief executive officer Ashran Ghazi said today.

MaGIC's website indicates that MaGIC is an initiative by the Finance Ministry.

MaGIC said in its website that its mission is to build a sustainable entrepreneurship ecosystem and catalyse creativity and innovation for long-term nation impact.

At a press conference here today, Ashran said MaGIC had earlier checked with the Finance Ministry, which had informed MaGIC to run its programmes as usual.

Ashran said: "At our end, from day one after May 9, it has always been business as usual, nothing has changed with regards to that. We have checked with the Finance Ministry, we were told to run our programmes as usual."

Ashran was speaking at the press conference, which was held in conjunction with the launch of the second cohort under MaGIC's Global Accelerator Program here today.

Reporters had asked Ashran whether MaGIC faces the risk of being disbanded as Prime Minister Tun Dr Mahathir Mohamad's administration seeks to streamline government operations.

Ashran said there was no discussion between MaGIC and the Finance Ministry on whether the government will review fund allocation to MaGIC.

"We do have allocation from government, but there is no conversation with regards to that (adjustment of annual funding allocation) at this present moment. Our annual allocation, on average, is about RM50 million. Total allocation since inception in 2014 amounted to about RM197 million, the return on investment from the government's budget point of view is about five times.

"We think that is not too bad, (but) pretty good to some extent, in terms of whatever money that has been put in to run programmes, initiatives, and foster relationships within the ecosystem," he said.