Malaysia Digital Economy Corporation (MDEC) has signed a new Memorandum of Understanding (MoU) with the Federation of Information Technology Industry Sri Lanka (FITIS).
The collaboration is an initiative to provide a pathway for Malaysian companies to expand into the South Asian market as well as facilitating trade and investments in the digital sector between Malaysia and Sri Lanka.
This new MoU will see MDEC and FITIS working in collaboration on developing joint programmes to further expand the existing relationship between the two countries and help encourage further expansion of tech companies in both countries into each other markets.
The MDEC-FITIS arrangement, beyond offering cross-border opportunities to businesses, will also provide the necessary support for those that want to explore the business ecosystems of both countries.
This includes connecting key marketplace players and industry stakeholders in their respective digital and tech ecosystems.
“As the world moves into this new norm, we have to be quick to adapt. One way to achieve this is by making use of technological advancements that easily opens the way for global market access.
With the signing of this MoU, commitment from both parties will ensure that we do our very best to encourage more trade opportunities within the technology sectors between Malaysia and Sri Lanka,” Gopi Ganesalingam, Vice President, Global Growth Accelerator (GGA), MDEC said.
Abbas Kamrudeen, Chairman of FITIS shared that the digital platforms and services have certainly made it easier for businesses to consider expanding their outreach beyond local markets.
“Malaysia and Sri Lanka are two emerging countries with countless opportunities in the technology and ICT sector. We definitely see that, with this MoU, it will help companies from both countries to explore and maximise business potential in the Asia region,” he added.
Moreover, HE Tan Yang Thai, Malaysia High Commissioner to Sri Lanka said,”Even in this challenging period, we still have room to further enhance our cooperation. It also reflected the close ties that exist between Malaysia and Sri Lanka. This arrangement will enhance the long-standing and close bilateral collaborations as it further extends our relationship in the digital sector.”