February 23, 2024

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Malaysia announces RM20 billion Economic Stimulus Package amid Covid-19 outbreak

Interim Prime Minister Dr Mahathir announced RM20 billion Economic Stimulus Package yesterday so economic risks associated with Covid-19 outbreak can be addressed effectively and that the economy stays afloat amidst this crisis and national political unrest.

Government to invest in and leverage ICT to help boost economy

Several plans have been put in place to ensure Malaysia’s economy will continue to be on the right track to sustainable growth. One recurring focus in the Prime Minister’s speech was to leverage and invest in ICT to keep the nation competitive and productive.

RM50 million to subsidise short courses in digital skills

The Government encourages employers to further invest in raising the productivity of the workforce during this economic slowdown. The Government will provide deductions on expenses incurred on approved tourism-related training. It will also provide up to RM100 million to fund an additional 40,000 employees from the tourism and other affected sectors.

They will also provide RM50 million to subsidise short courses in digital skills and highly skilled courses. This incentive is expected to benefit 100,000 Malaysians.

Entrepreneurs to receive E-Commerce support

The Government will allocate grants of RM1,000 to 10,000 local entrepreneurs to promote the sale of their products on e-commerce platforms as well as allocating RM20 million to Malaysian Digital Economy Corporation (MDEC) for Perkhidmatan eDagang Setempat (PeDAS) programme to transform Pusat Internet Desa into e-commerce hubs.

Government will promote Automation and Digitalisation

To enhance greater national competitiveness, the Government will promote higher value-added private sector investments. Bank Negara Malaysia will provide an SME Automation and Digitalisation Facility of RM300 million at an interest cost of 3.75%. The Government will provide accelerated capital allowances over a two-year period on expenses incurred on machinery and equipment including ICT.

Government to Invest in Connectivity and Smart City Initiatives

Agencies and Government-linked companies will also accelerate planned investment projects for 2020 which includes the Ministry of Energy, Science, Technology, Environment and Climate Change (MESTECC) which will open for bids quota of 1,400MW for solar power generation. This is expected to involve RM5 billion of private investments and generate 25,000 jobs.

Malaysian Communications and Multimedia Commission (MCMC) will implement up to RM3 billion on works related to the National Fibre and Connectivity Plan (NFCP).
Government-linked companies such as Tenaga Nasional Berhad will invest RM13 billion in 2020, including accelerating projects such as LED street lights, transmission lines and rooftop solar installations.

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SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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