February 28, 2024

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Malaysia’s Cyberjaya will be revitalised as a tech hub

According to a recent report, the Malaysian government will be working to rejuvenate Cyberjaya as the technological hub that it was intended to be, according to the Ministry of Entrepreneur Development.

The minister at the Ministry of Entrepreneur Development noted that the main objective of Cyberjaya was forgotten as it had been marketed more as a real estate destination rather than a technological hub.

He stated that the government is very keen to bring up Cyberjaya as a technological hub especially on the back of the massive potential of Malaysian technology firms to achieve high growth firms (HGF), on the side-lines of the World Bank Global Report launch titled HGF: Facts, Fiction and Policy Options for Emerging Economies” in Malaysia recently.

The leader stated that said the ministry was engaging in multiple knowledge sharing sessions with the private sectors of Japan, China and the US.

It was noted that the government believes that Malaysia has massive potential to become a battery development and manufacturing hub and the government is currently engaging with US scientists in making this viable. Other sectors that it can bring up other than technology is the software capability.

The Minister had earlier commended World Bank’s efforts for its research into the HGF report.

He noted that with the setting up of the Entrepreneur Development Ministry, entrepreneurship policies are now expected to be further strengthened and reoriented to a broader framework as to achieve the country’s goal of growing an entrepreneurial economy.

It was noted that some of the ministry’s targets include boosting small and medium enterprises’ (SMEs) contribution to the gross domestic product (GDP) to 41 per cent by 2020.

The government is, therefore,  committed to creating one million jobs in the next five years, producing 50,000 entrepreneurs to generate 200,000 jobs a year and to train 50,000 graduates a year in entrepreneurship, he said.

The World Bank country manager for Malaysia said that the country was well poised to develop an entrepreneurial economy as an engine of future growth to achieve a high-income economy.

According to the country’s Finance Minister, Malaysia has already begun re-orienting entrepreneurship policies in order to cultivate more HGFs, as outlined in the 2019 Budget.

It was noted that the probability of high growth is associated with firm capabilities manifested in innovation, external linkages, managerial experience and financial access.

When it had first been established, Cyberjaya was marketed as a project that would turn the city into a global tech hub, according to an earlier report.

The nation’s former Prime Minister had been extremely positive about the Cyberjaya City Centre project which he believed would contribute to the growth of Cyberjaya and turn it into a global technology hub.

The Malaysian Resources Corporation Bhd’s (MRCB) latest Transit Oriented Development (TOD) Project has been highly anticipated to take the nation’s technology hub to the next level.

Cyberjaya was heralded as a “game-changer” that would complete the transformation of Cyberjaya to become a global technology hub and a smart city.

It is hoped that the same enthusiasm for the city as tech hub will be re-inspired as the Malaysian government works to revitalize Cyberjaya into the technological hub it was intended to be.


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