Economy Minister Rafizi Ramli unveiled Malaysia’s ambitious plan to attract global unicorns during his keynote address at the KL20 Summit held at the Kuala Lumpur Convention Centre.
The initiative, known as the Unicorn Golden Pass, aims to lure global technology companies to Malaysia, fostering the creation of high-skilled jobs and nurturing future entrepreneurs and senior tech leaders.
“Malaysia aims to become the Southeast Asian base for global technology firms through the Unicorn Golden Pass,” said Rafizi.
In exchange for setting up operations in Malaysia, the government offers a comprehensive incentive package. This includes exempted fees for employment passes, subsidised rental spaces, concessionary tax rates on corporate profits, relocation services, and a startup concierge service to streamline registration processes.
Additionally, Rafizi emphasised, transcends mere plans and blueprints, focusing instead on tangible action. Key components of this initiative include the VC Golden Pass, Innovation Pass, Unicorn Golden Pass, GPU Scheme, Innovation Belt, and the Single Window.
Highlighting the immediate impact of KL20, Rafizi announced the launch of schemes that could go live immediately, accelerating critical areas of the startup ecosystem, including capital, talent, and startup quality.
Under the VC Golden Pass, the government seeks to attract leading venture capitalists to Malaysia by offering incentives such as LP funding access opportunities, subsidised office spaces, and expedited licence registrations.
The Innovation Pass aims to enlarge the pool of high-skilled talent within the country through a multi-tier employment pass programme tailored for founders, senior management, and tech talent.
Acknowledging the importance of AI infrastructure, Rafizi emphasized Malaysia’s commitment to supporting AI technology by rolling out the KL20 GPU Scheme, which provides startups and tech firms with the necessary infrastructure to innovate in AI.
Additionally, Malaysia aims to streamline the startup ecosystem through the Startup Single Window, serving as a one-stop centre for information and applications.
With its strategic geographical location and diverse domestic population, Malaysia presents itself as an ideal testbed for product launches and pilots, connecting to major markets in Southeast Asia, East Asia, India, and the Middle East.
Rafizi concluded by affirming Malaysia’s position as a gateway to the East, emphasising the nation’s potential to drive innovation and economic growth in the region.
