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    HomeBusinessMalaysia a dynamic hub for technology and innovation - Fahmi

    Malaysia a dynamic hub for technology and innovation – Fahmi

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    KUALA LUMPUR: Malaysia is establishing itself as a thriving hub for technology and innovation, characterized by a vibrant start-up ecosystem and a strong entrepreneurial drive, according to Communications and Digital Minister Fahmi Fadzil. In his speech at the launch of Malaysia Digital Economy Corporation’s (MDEC) Horizon – Digital Economy Publication 2022, Fahmi highlighted the Malaysian government’s recognition of technology’s crucial role in driving economic growth. To foster a conducive environment for tech investments and entrepreneurs and accelerate the digital economy, the government has taken significant steps.

    Fahmi emphasized that the digital economy is a key pillar of Malaysia’s economic landscape, contributing 23.2% to the country’s gross domestic product (GDP) in 2021. The government aims to increase this figure to 25.5% by 2025. To achieve a “Golden Digital Decade” in Malaysia, the government has formulated a comprehensive strategic plan focused on strengthening communication infrastructure, enhancing cybersecurity, and promoting continuous digital economic growth. Additionally, the government intends to boost economic participation through digital platforms and business models, creating a thriving digital ecosystem that drives innovation and attracts investments.

    Horizon, with the tagline “A perspective of Malaysia’s digital economy,” is a strategic publication that showcases the dynamic growth trend in Malaysia’s digital economy. It serves as a valuable reference for global and local stakeholders seeking reliable data and informed perspectives on the country’s digital landscape. The publication covers three key pillars: business, investors, and society. It provides in-depth analysis, incisive commentary, and data-driven insights on topics such as the Digital Economy At A Glance and Look Ahead Beyond 2023, unraveling the complexities and trends of the digital economy.

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    Highlighting the growth potential of Malaysia’s ICT sector, MDEC CEO Mahadhir Aziz referred to the Statistics Department’s Information and Communication Technology (ICT) Satellite Account findings. Despite a decline of 10.2% in the national GDP in 2020, the ICT sector experienced remarkable growth of 10.5% in gross value added. The sector has also outpaced other industries, creating 44% of the total new jobs in Malaysia in 2021 alone.

    Aziz emphasized that Malaysia is well-positioned for a prosperous digital future. MDEC is committed to providing comprehensive support to local and international companies and prioritizing upskilling and reskilling programs to empower digital talents. Through initiatives like Malaysia Digital (MD), MDEC aims to cultivate a digital ecosystem that fosters innovation, empowers businesses, and ensures digital inclusion. The MD Catalytic Programs focus on nine sectors with high growth potential and significance in accelerating Malaysia’s digital economy.

    Bernama –



    Credit: The Star : Business Feed

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