The Malaysian government announces a RM1 billion fund to empower local start-ups and technopreneurs, fostering innovation and embracing technological advancements to drive growth and establish Malaysia as an innovation hub on the global stage.
31 July 2023 – The Malaysian government has unveiled a significant boost for local start-ups and technopreneurs with the allocation of an additional RM1 billion fund. The move comes as the nation seeks to align itself with the latest technological advancements and foster innovation in the business and entrepreneurship landscape.
Sarawak Deputy Minister of Youth, Sports, and Entrepreneur Development, Dr. Ripin Lamat, praised the initiative, stating that the fund will provide local entrepreneurs with technical and vocational education training (TVET) backgrounds the opportunity to explore larger business prospects and tap into broader markets. He emphasized the importance of digital technology in driving businesses both now and in the future, making it a crucial element for the country’s business sector development.
Prime Minister Datuk Seri Anwar Ibrahim, who also serves as the Finance Minister, announced the funding during the launch of the MADANI Economy: Empowering the People initiative. The government, along with government-linked investment companies (GLIC), will match the RM1 billion fund with private funds. The objective is to provide financial support for each phase of high-growth companies, among other purposes.
This funding injection aligns with Malaysia’s notable achievement in the World’s Strong Starters Ranking list, as per the Global Startup Ecosystem Report 2023. The report positioned Malaysia at the 20th place, with the Malaysian startup ecosystem’s value reaching an impressive US$46 billion during the first half of 2020 to 2022.
The allocation of the RM1 billion fund demonstrates the government’s commitment to fostering a vibrant and competitive entrepreneurial ecosystem. By supporting local start-ups and technopreneurs, Malaysia is poised to make significant strides in the global innovation landscape. – source: Bernama