Last week, we reported that the government is taking steps to establish Malaysia as the digital hub of Asia. To do so, the government is enhancing policies and laws in the areas of data and cybersecurity and trying to attract more talent and expertise in data and technology. To become the “Asian digital tiger”, we need a substantial amount of investment in the tech industries.
Malay Mail reports that the Deputy Communications and Digital Minister Teo Nie Ching announced that Malaysia actively encourages investments in emerging technologies such as fintech, e-commerce, and digital health. She highlighted the establishment of regulatory sandboxes, which foster innovation and provide a secure testing environment for new ideas.
Additionally, Teo mentioned that the government has introduced various incentive programs and grants to support tech startups and attract foreign direct investment. Emphasising the importance of collaboration, she expressed openness to partnerships and collaborations with international tech companies, investors, and innovators to fully unlock the potential of tech and digital investments in Asia.
Teo also highlighted the advantages of establishing a presence in Malaysia, including access to the vast Asian market and the strategic location for expanding into neighbouring countries. She underscored the digital economy as a primary economic pillar for Malaysia, contributing 23.2% to the country’s GDP in 2021, with projections of reaching 25.5% by 2025.
