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Malaysia Garners RM1.295 Billion in Qualified Trade and Investments

Image Credits: MDEC, Press Release

The Digital Economy Week in Dubai marked the announcement of Malaysia Digital, the enhanced and revamped programme to succeed the MSC Malaysia initiative, which has been in operation for 25 years. Malaysia Digital is set to boost Malaysia’s value proposition to attract digital investments through a new framework centred on three primary components – Agility, Flexibility, and Relevance.

Under the Malaysia Digital initiative, the Government and MDEC will also be introducing two initial catalytic projects, namely DE Rantau and Malaysia Digital Trade. DE Rantau is set to establish Malaysia as the preferred Digital Nomad Hub in ASEAN, while Malaysia Digital Trade will drive interoperability and greater harmonisation of standards and regulatory approaches as well as facilitate trade within and across borders.

The Malaysia Digital Economy Week in Dubai garnered RM1.295 billion worth of qualified trade and investments to Malaysia. This was derived from 110 business leads, 138 business matchings and 16 Memoranda of Understanding (MoUs) among the 22 participating Malaysian technology companies of the Digital Economy Week, led by the Malaysian Communications and Multimedia Ministry (KKMM) together with Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead digital economy agency.

The RM1.295 billion in qualified investments and 110 business leads garnered have exceeded the initial target of RM300 million in investment potential and 50 leads respectively. An estimated 890 jobs will be created as part of the investment opportunities. The qualified investments will create a chain reaction that includes the creation of many high-value jobs that will be vital towards Malaysia’s economic recovery in line with the Twelfth Malaysia Plan (12MP), and further driving Malaysia’s value proposition as the digital hub of ASEAN.

The Malaysia Digital Economy Week also witnessed the signing of 16 Memoranda of Understanding (MoUs) between Malaysian tech companies and their international partners. 138 business matchings were also successfully carried out during the event. The Chief Executive Officer of MDEC stated the partnerships that they have forged will not only help them grow as global players but will also drive innovations and solutions that will ultimately benefit society and propel the country further as a digital nation.

Over 20,000 people visited the Malaysian Pavilion during the week, which served as a showcase of Malaysia’s technological innovations and Fourth Industrial Revolution (4IR) solutions, encompassing sectors such as Islamic FinTech and digital ID solutions to animation and video games.

The Minister of Communications and Multimedia stated that the success of Malaysia Digital Economy Week was a testament to Malaysia’s strength in the digital economy as well as the global confidence towards the nation as a prime digital investment destination. He added that the qualified trade and investments represent a massive step towards realising the goals of the Malaysia Digital Economy Blueprint (MyDIGITAL), which targets RM70 billion in digital investments by 2025.

A sustainable digital economy is built upon collaboration and cooperation and through the success of the week, Malaysia will not only expand its network of collaborators worldwide but also further proves the power and prowess of public-private-industry partnerships.

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