Various positive investment commitments totalling an investment value of RM8.3 billion involving the digital economy sector have been obtained throughout Malaysia’s participation in London Tech Week (LTW) recently
The investment value will sure definitely be a catalyst for the Ministry of Communications and Digital (KKD) through Malaysia Digital Economy Corporation (MDEC) to attract foreign investors to garner investments in the country through Malaysia Digital (MD) in line with the concept of Malaysia Madani.
Minister of Communications and Digital (KKD) Fahmi Fadzil, in a statement today (June 16), said through LTW, many benefits from the aspects of the digital economy which include innovation and new technologies such as artificial intelligence (AI), data management, cyber security as well as investment opportunities for companies in Malaysia were obtained from Europe through the United Kingdom (UK) where the event was held from June 12 to the 15th and vice versa.
Three important aspects that need to be focused on to strengthen the digital economy and Malaysia’s cyber ecosystem include ensuring an 100% working infrastructure network in the country, to reach 80% 5G network coverage in populated areas by the end 2023 as well as the urgent need to enact new laws, he added.
With that, local companies are attractive to foreign companies including those from the UK so that they can operate in Malaysia, and then across Southeast Asia.
The Ministry also welcomes the statement by Prime Minister Dato’ Seri Anwar Ibrahim in relation to the necessary Cyber Security Bill to be enacted immediately to enable Malaysia to navigate the challenges of the digital era demands and to bet prepared in dealing with cyber security threats.
The matter includes amendments to the Personal Data Protection Act 2010 (Act 709) which touches on the aspect of the investigation of the mandatory notification of the holding company or data users to the Personal Data Protection Department (JPDP) if there was a leak, now in the final phase before being brought to the Cabinet and then to Parliament.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which is to be signed by the UK soon, will also provide an opportunity to increase cooperation between the two countries, especially in the field of digital economy at once increasing the country’s economic growth.
KKD through MDEC, CyberSecurity Malaysia and several other agencies will accelerate the initiative to gain positive returns as a result of the involvement of companies from Malaysia and the UK, which will directly bring economic benefits to the people of Malaysia.
“I am confident that with these initiatives being implemented, Malaysia will reach a Digital Golden Decade rendering Malaysia the Digital Tiger of Asia,” Fahmi said.