The Malaysian Government has recognized the opportunities that lie in becoming a successful digital nation, with recent initiatives of the Malaysia Digital Economy Blueprint (MyDIGITAL) being a testament to that. Digital technologies hold the potential to promote inclusion by enabling existing industry players serve the underserved.
At the same time, the path towards creating a more digitalised economy will also open the country to new players seeking to build a presence here and leverage on the digital growth Malaysia is set to experience.
To reliase this vision, for 25 years, the Malaysian Government has entrusted MDEC to take the lead in developing the nation’s Digital Economy, transforming from the original startup nation to one of the leading digital countries in ASEAN.
MDEC has played a key role in advancing the country’s digital ecosystem and the agency is now committed to ensuring Malaysia will be able to attract the right digital investments in.
Having recently announced a 5-year plan to attract digital investment, MDEC’s ‘Digital Investments Future5 (DIF5) Strategy’ focuses on five key thrusts aimed at attracting these investments in line with MyDIGITAL. The five-year initiative, which will run from 2021 to 2025 following the 12th Malaysia Plan, aims to secure high quality digital investments as it seeks to unlock new drivers of growth in the digital economy.
Cumulatively, MDEC has brought in RM345 billion worth of investments via MSC Malaysia since 1996, creating 184,396 jobs, and housing 40 of the Forbes100 companies in Malaysia.
The DIF5 strategy targets to attract RM50 billion investments in the digital economy and will focus on five key industry sectors, five focus technologies, five emerging technologies and digital global business services.
It is set to attract 50 Fortune500 tech companies to land and expand in Malaysia Establishment of assist to develop five Unicorns and creation of 50,000 high-value jobs in the MSC.
Additionally, five industry sectors that have been identified as national priority sectors under the strategic plan include AgTech, HealthTech, Islamic Digital Economy and FinTech, CleanTech and EduTech.
MDEC is optimistic that the digitalisation ofthese industries will have a high impact on investment, jobs, and contribution to GDP and more importantly, the size and potential of these sectors would also draw large global companies that can benefit the country via international partnerships.
The Corporation will also increase efforts to grow the Digital Global Business Services, encouraging the use of robotic process automation and data analytics as well as Knowledge Engineering.
Strengthening Digital Investment
The formation of the Digital Investment Office (DIO), a digital collaborative platform between the Malaysian Investment Development Authority (MIDA) and MDEC is one initiative that looks to strengthen the coordination among all Investment Promotion Agencies in promoting and attracting new investments into the country.
Endorsed by the National Council of Digital Economy and Fourth Industrial Revolution (MED4IR), this collaborative effort between MIDA and MDEC will cater to the rapidly growing digital economy in line with the goals of MyDIGITAL and the National Investment Aspirations.
In the long term, these initiatives will play a vital role in positioning the country as the preferred Digital Hub and firmly establish it as the Heart of Digital ASEAN.
Malaysia Tech Month 2021
Further reinforcing MDEC’s vision is The Malaysia Tech Month 2021 (MTM’21) which has returned for the second year with the aim to place Malaysia as the Heart of Digital ASEAN. The event was launched on July 29 consisting a monthlong curation of electrifying digital and technology keynotes, workshops, discussion panels and business-matching sessions. The virtual month-long curation of digital and technology content has lined up both internationally and locally renowned speakers which Included the likes of Professor Dr Michio Kaku, The oretical Physicist, Co-creator of Apple Siri, Dr Luc Julia, Co-founder of Carsome and Malaysia’s first Unicorn, Eric Cheng as well as Chief Executive Officer of Air Asia Group, Tony Fernandes. The anchor event will roll out content in four themed weeks encapsulating MDEC’s NADI Digital pillars, New Skills, Adoption, Disruptors and Investments.
Through MTM’21, investors will have the perfect platform to explore business opportunities, gain valuable market access and access digital talents within the local tech industry as well to seek more effective collaborations to improve innovations.
“This year marks an important milestone for MDEC as we celebrate our 25th anniversary. In many ways, MTM’21 is the celebration of the progress and achievements we’ve made since we were founded in 1996 to realise the dream of the Multimedia Super Corridor. There’s no better way for us to celebrate our Silver Jubilee than to do what we do best – driving innovation and empowering the people towards digital transformation.
At MDEC, we believe that the Future is Now, and we are already living in a world that is Digital by Default. The Digital Economy is not just crucial to the economic development of Malaysia, but to also bring us closer to becoming a nation that is deeply integrated in technology, providing equitable digital opportunities to the people, businesses and investors.
The event also gives us the opportunity to broaden our minds and engage in conversations that ultimately drives us towards enabling a nation that is deeply integrated with technology and with equitable digital opportunities to the people and businesses – Malaysia 5.0,” says Surina Shukri, CEO of MDEC.
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