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Propelling Malaysia’s Tech Industry Globally

Image Credits: The Sun, News Article
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Malaysia External Trade Development Corporation (MATRADE) and Malaysia Digital Economy Corporation (MDEC) signed a Memorandum of Understanding (MoU) with the aim of bolstering their existing partnership and strategic collaboration.

The primary goal of this MoU is to provide increased support to Malaysian technology companies, particularly those that are export-ready, in expanding their global presence through more coordinated and collaborative trade promotion efforts. This partnership signifies a significant step forward in promoting Malaysia’s tech industry on the international stage.

The MoU was formally signed by the CEO of MATRADE and the CEO of MDEC. The signing ceremony took place on the sidelines of MATRADE’s International Sourcing Programme (INSP), which coincided with the Malaysia International Halal Showcase (MIHAS) 2023 event held at Menara MATRADE.

According to the CEO of MATRADE, this MoU represents a landmark development in the relationship between both agencies and is expected to accelerate the transformation of local tech companies into global players. This aligns perfectly with the objectives of Malaysia’s recently launched New Industrial Master Plan (NIMP) 2030, championed by Prime Minister. NIMP 2030 places a strong emphasis on encouraging Malaysian businesses to embrace technology and digitalisation as a means to foster innovation, improve productivity, and create new economic growth opportunities.

Under NIMP 2030, digital and ICT have been identified as two of the five key focus sectors that have the potential to enhance Malaysia’s exports of more complex products and services. Consequently, there is a growing need for agencies like MATRADE and MDEC to streamline their initiatives and adopt a comprehensive approach to promoting Malaysian businesses on the global stage.

The Chief Executive Officer of MDEC highlighted the Corporation’s commitment to nurturing a business-friendly digital ecosystem through initiatives like the Malaysia Digital (MD) Catalytic Programmes (PEMANGKIN). These programmes focus on nine sectors believed to be capable of driving high-value digital exports and providing a launchpad for tech companies seeking global expansion. Collaboration with partners, including MATRADE, is a crucial component of this strategy.

In essence, the MoU signifies a strategic alignment between MATRADE and MDEC, both of which are key players in Malaysia’s economic development landscape. By joining forces, these agencies are better equipped to support and promote the growth of Malaysian tech companies in the global market. This partnership is poised to play a pivotal role in achieving the goals set forth in NIMP 2030 and advancing Malaysia’s position as a digital and tech powerhouse.

The signing of this MoU represents a significant milestone in Malaysia’s ongoing efforts to harness the potential of its tech sector. The collaboration between MATRADE and MDEC is expected to yield tangible benefits for local tech champions, who will gain access to a broader array of resources and support mechanisms to expand their international footprint. This is particularly crucial in an era where digitalisation and technology adoption are at the forefront of economic development strategies worldwide.

With the support of both MATRADE and MDEC, Malaysian tech companies can expect more tailored and effective trade promotion initiatives. These initiatives will be designed to address the specific needs and challenges faced by tech companies seeking to enter or expand in global markets. As a result, the partnership is expected to catalyse the growth of the Malaysian tech industry and position it as a global player.

The MoU’s significance is further underscored by its alignment with the objectives of NIMP 2030. This forward-looking industrial master plan places a strong emphasis on leveraging technology and digitalisation as key drivers of innovation and economic growth. By facilitating the expansion of tech companies into international markets, MATRADE and MDEC are directly contributing to the realisation of NIMP 2030’s goals.

Digital and ICT sectors have been identified as pivotal to Malaysia’s export ambitions, as highlighted in NIMP 2030. These sectors have the potential to propel Malaysia’s exports of advanced products and services to new heights. In light of this, MATRADE and MDEC recognise the need to work together seamlessly to maximise the impact of their initiatives and ensure that Malaysian tech companies can compete effectively on the global stage.

MDEC’s Malaysia Digital (MD) Catalytic Programmes (PEMANGKIN) play a central role in this collaborative effort. These programs are designed to promote nine key sectors with the potential to drive high-value digital exports. They serve as a vital platform for tech companies looking to make a global impact. By partnering with various stakeholders, including MATRADE, MDEC is fostering a supportive and conducive business environment for the digital economy.

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