The Minister of Communications and Multimedia stated that Malaysia is the perfect marketing testbed for many products and services, as it is a rich microcosm of Asia.
He noted that with so many dynamic demographics at play, Malaysia can show the marketing world what works and what does not in the marketplace, addressing the Malaysian Chief Marketing Officers (CMO) Awards 2019 event here.
2020 is expected to be a very active year and one that is full of opportunities for the marketing industry. The Minister gave the Asia-Pacific Economic Cooperation 2020 summit, Visit Malaysia 2020, Tokyo Olympics as examples, along with many more other market-activating events.
Malaysia’s transition into digital TV nationwide recently also open up more platforms for marketers. The multiplier effect of this has made the job of differentiation in the marketplace even more challenging.
Here is where the industry is thriving through innovation, creativity and competition. Everyone in the country now has tasks ahead in this respect.
However, the Minister is confident Malaysians will take on the challenges head-on and find the journey both inspiring and rewarding.
Elsewhere in the speech, the Minister pointed out that the Media Specialists Association of Malaysia has recently reported that digital advertising expenditure for the first quarter of this year alone has hit RM335 million, revealing healthy growth amid prevailing cautious sentiments in the industry.
This indicates Malaysia’s digital marketing industry is continuing on a growth trajectory, averaging an increase of 20 percent in digital media investment, year on year.
In spite of this age of fake news and ‘sensationalism’, Malaysians were becoming savvier and mature in their thinking. The marketing industry has a key role to play in this, as now authenticity is the new mantra in reaching out and engaging with consumers.
Growing digital opportunities
The Malaysian government announced the set-up of the National Digital Inclusion Council which aims to create more income opportunities in the digital economy.
The council will comprise representatives from the following ministries: economic affairs; finance; communications and multimedia; women, family and community development; rural development; housing and local government; agriculture and agro-based industry; tourism, arts and culture; transport; entrepreneur development; youth and sports; human resources; and federal territories ministry.
In addition, the government will be focusing on getting the execution right and achieve results as soon as possible. Meanwhile, ministries and agencies are being encouraged to collaborate and work together to benefit Malaysians and earn their trust.
The new initiative is in line with the government’s vision of shared prosperity, uplifting social and economic quality of life for Malaysians through the use of technology.
Highlighting the importance of adopting emerging technologies, developing tech talent and facilitating digital inclusion, Malaysia’s Prime Minister noted that there have also been more local tech companies being recognised globally.
Expanding Malaysia’s digital economy
In 2018, Malaysia’s digital economy expanded RM267.7 billion, contributing 18.5% to the national economy, according to the Department of Statistics.
Information and communications technology (ICT) contributed 18.5% to the country’s gross domestic product (GDP) comprising gross value added of ICT industry (GVAICT) (12.6%) and e-commerce for non-ICT industries (5.9%).
With this in mind, Malaysia developed its 2020 Budget. The local technology industry will continue to receive attention from the government, which is intent on further boosting the capabilities of local SMEs and start-ups, strengthening digital content, embracing digitisation, enhancing e-commerce, and adopting 5G technology.
As Malaysia leans into the implications of an increasingly digital era, SMEs and start-ups will need all the support they can get from the nations they’re in.
