One of the main functions of the Ministry of Economy is to restructure the national economy by developing high-value strategic industries that are capable of stimulating investment and offering high-paying jobs to the people.
Minister of Economy Rafizi Ramli, in a statement today (May 29), said the composition of the country’s economy that has a higher added value component will in turn increase the number of competitive and innovative companies, which will also improve the performance of the country’s stock market.
“Apart from boosting existing industries (such as semi-conductors, manufacturing, oil and gas, commodities) to a high-value value chain level with a focus on the process of higher value down streaming, the three strategic sectors that the Ministry of Economy is focusing on are the transition energy towards renewable energy (energy transition), digital economy and food security.”
The Ministry of Economy is responsible for developing the direction of these sectors by mobilising government and private efforts to formulate policies and programs that catalyse the participation of the private sector.
The government has announced systematic policies and programs to accelerate the country’s ambition to become a regional leader in energy transition and renewable energy-based industries. The government is also implementing a restructuring of the food production value chain, partly through the People’s Income Initiative (IPR) to increase the supply of raw food at the grassroots level.
The Ministry of Economy is currently collaborating with other ministries involved in the digital economy ecosystem (namely the Ministry of Science, Technology and Innovation; the Ministry of Communications and Digital; and the Ministry of Investment, Trade and Industry) to boost the country’s digital economy.
“This collaboration begins with the coordination of the public support system implemented through various agencies towards an integrated approach (single window approach) to improve a more effective digital ecosystem,” Rafizi said, adding this will increase the number and performance of start-ups, as well as accelerate the transition of the private sector to the digital economy.
Simultaneously, the ministry is to work on the development of concepts and coordination of functions between government agencies towards the implementation of digital government (govtech) that produces data-based and digital public service products in an integrated manner (single window’s govtech).
“A key step to achieve these targets is to increase Kuala Lumpur’s attractiveness as a hub for startups and the regional digital industry to attract investment and digital talent to the country. It requires aggressive policy changes that cover multiple areas, including the consolidation of government agencies, a more efficient and open work visa process, more attractive digital incentives and the creation of a workforce in the digital industry on a national scale,” Rafizi said.
“I had the opportunity to speak with Jack Selby, a veteran with a track record and particular expertise in developing startup hubs at the recent Qatar Economic Forum. Jack Selby is a familiar name in the world of digital and startups. He was an early employee of PayPal along with the company’s founding group such as Elon Musk, Peter Thiel and Reid Hoffman.”
PayPal’s founding group became the main force driving the digital industry from Silicon Valley through their involvement in well-known digital companies, including Tesla, SpaceX, YouTube, Facebook, LinkedIn and OpenAI.
Jack Selby is currently the Managing Director of Thiel Capital and the originator of the Arizona Technology Innovation Summit.
“I am interested in partnering with him in the digital field because of his efforts to develop Arizona as a hub for new startups outside of Silicon Valley. After a career in Silicon Valley, he returned to his home state of Arizona and developed Arizona as a new center for startups, which has now successfully attracted startups,” he added.
From sharing the duration of the day, Jack Selby expressed interest in helping Malaysia develop Kuala Lumpur as a centre for start-ups and the regional digital industry. His expertise will help the country formulate policies that are more friendly to start-up companies and create collaboration networking in the digital field that boosts Kuala Lumpur’s name as the main destination for the digital industry in the region.
The government will announce specific policies and initiatives in stages towards manifesting the ambition of making Kuala Lumpur an attraction for regional start-ups.
