Malaysia Accelerates High-Value Digital Investment to Drive Economic Growth and Foster Innovation

The Communications and Digital Ministry of Malaysia, in collaboration with the Malaysia Digital Economy Corporation (MDEC), is prioritizing high-value digital investment in areas such as AI, big data analytics, IoT, blockchain, and more. Through the PEMANGKIN initiative, the government aims to attract RM1 billion worth of investment in key digital sectors, fostering economic growth and positioning Malaysia as a digital innovation hub.

KUALA LUMPUR, 22 Jun 2023 – The Communications and Digital Ministry (KKD) in Malaysia, in collaboration with the Malaysia Digital Economy Corporation (MDEC), is actively working to attract high-value foreign and domestic direct investment in the digital sector, with a particular focus on areas such as artificial intelligence (AI) and big data analytics. Other areas of interest include the Internet of Things (IoT), blockchain, cybersecurity, drone technology, and creative media technology, including augmented reality and mixed reality.

As part of these efforts, the government, through MDEC, has allocated a total of RM238 million under the 12th Malaysia Plan for the Malaysia Digital Catalytic Programmes (PEMANGKIN). This public investment aims to support industrial development, digital infrastructure, education, and the provision of skills necessary for success in the digital economy. Out of the allocated amount, RM45 million is dedicated to enhancing technological capabilities in areas such as blockchain, automation, and AI, while RM50 million is allocated for digital matching grants.

The PEMANGKIN initiative, launched on April 17, aims to attract RM1 billion worth of investment in nine digital sectors of special focus. These sectors include agriculture, tourism, content, health, cities, finance, services, trade, and the Islamic economy. By focusing on these areas and providing support for digital initiatives, Malaysia aims to foster the growth and development of its digital economy and position itself as a hub for innovation and investment in the digital sector.

This investment and focus on digital technologies and innovation are expected to contribute to Malaysia’s overall economic growth, job creation, and the development of a thriving digital ecosystem in the country. – source: Bernama

Author: Terry KS

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