Malaysia Digital Economy Corporation is set to revamp and rebrand the MSC Malaysia to better serve the nation’s digital aspiration and bring it closer to the 12th Malaysia Plan.
According to the agency, the new and improved MSC aims to accelerate participation in the digital economy and address the concerns on the widening digital divide with workable solutions on access to digital tools, knowledge, and income opportunities, and at the same time enhance Malaysia’s value proposition to attract more digital investments.
“MSC Malaysia has been the foundation and catalyst of Malaysia’s digital economy, contributing 22.6 percent to the country’s GDP in 2020 in just 25 years. The fast-evolving landscape of today’s digital economy requires a reboot of the MSC to remain relevant and ready to boost the economic recovery of Malaysia.
“The enhanced MSC will drive the development of the nation’s digital economy, in line with the Malaysia Digital Economy Blueprint (MyDIGITAL), as well as bring us closer to the goals set forth by the Twelfth Malaysia Plan (12MP), which targets the digital economy contributing 25.5 percent to the national GDP by 2025,” said Mahadhir Aziz, CEO, MDEC.
The MSC was founded in 1996 to develop a conducive digital economy ecosystem through nurturing local ICT champions and attracting global investments. Beyond promoting digital adoption, the initiative has helped expand a skilled digital talent pool on top of creating high-income jobs.
Throughout the years the program had attracted 2,794 active MSC-status companies, which have collectively brought in RM384 billion worth of investments and created 184,030 jobs. These enterprises include 40 of the Forbes100 companies.
As of December 2020, these companies have a total of RM588 billion in revenue and RM212 billion in exports generated. Malaysia also ranked in the Top 3 of Kearney’s Global Services Location Index since 2004.
The new and enhanced MSC will be revamped to work towards addressing gaps in the existing framework, including working the current incentive package to be more attractive to modern investors. It will also feature a new framework including a review on the Bills of Guarantee and incentives, an expansion of location for MSC promoted activities throughout Malaysia, improved governance and process enhancements, and a refreshed brand.
Additionally, it will also support the mobility of local and foreign digital talents and extend this to other parts of the country.
“To develop a digital economy that is inclusive and sustainable is a journey that we cannot undertake alone. Collaboration will be key to ensure that MSC 2.0 will be a game-changer for the next 25 years,” concluded Mahadhir.
