The Malaysian Communications and Multimedia Ministry, together with Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead digital economy agency, has kicked-off the Malaysia Digital Economy Week at Expo 2020 Dubai.
Happening on 9 to 15 January 2022 at the Malaysian Pavilion of the world expo, the Digital Economy Week is set to generate RM300 million worth of potential trade and investment opportunities, as well as securing 50 business leads from across the globe.
The Digital Economy Week at Expo 2020 Dubai marks the soft launch of Malaysia Digital, the enhanced and revamped programme succeeding the MSC Malaysia, which has been in operation for 25 years. The new and enhanced initiative will serve to accelerate Malaysia’s digital economy and create substantial digital economic spill-over through equitable access to digital tools, knowledge, and income opportunities.
Malaysia Digital is also set to enhance Malaysia’s value proposition to attract digital investments through a new framework centred on three primary components: Agility, Flexibility, and Relevance.
“The announcement of Malaysia Digital in Expo 2020 Dubai comes as timely and relevant, as the improved processes and incentives will be crucial to accelerate Malaysia’s economic recovery as we exit the COVID-19 pandemic. In line with the Twelfth Malaysia Plan (12MP), the revamped and enhanced Malaysia Digital will be key towards achieving the goals set forth by the Malaysia Digital Economy Blueprint (MyDIGITAL), which targets RM70 billion in investments by 2025,” said YB Tan Sri Datuk Seri Panglima TPr Haji Annuar bin Musa, Minister of Communications and Multimedia.
Malaysia Digital will offer greater agility for local and international tech companies by providing more options and flexibility for companies to choose from competitive fiscal and/or non-fiscal incentives. It also seeks to expand beyond designated locations into a nationwide initiative, providing more flexibility and opportunity for companies to grow, expand, or reinvest anywhere within Malaysia. Lastly, with continued relevance to accelerate Malaysia’s Digital Economy, Malaysia Digital will feature improved governance and processes to meet the industries’ diverse needs at speed.
Malaysia Digital’s new framework will see – among other improvements – a refresh of the Bill of Guarantees, non-location-based incentives, and an expansion of locations for MSC promoted activities.
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 a programme with the goal to establish Malaysia as the preferred Digital Nomad Hub in a bid to boost digital adoption and to promote digital professional mobility and tourism across the country.
Malaysia Digital Trade, on the other hand, is one of the catalytic initiatives under Malaysia Digital to capitalise on the immense opportunities in digitalisation that has been accelerated by the recent COVID-19 pandemic. The Malaysia Digital Trade initiative will drive interoperability and greater harmonisation of standards and regulatory approaches as well as to facilitate trade within and across borders.
“These new projects are powered by MDEC’s mission to drive the digital economy through catalytic, high-impact initiatives, as well as strategic and sustainable investments and inclusive policies. Malaysia Digital will be the fuel to skyrocket the digital economy to new heights, as well as to nurture a progressive, equitable, and innovation-led digital economy in line with the United Nation’s Sustainable Development Goals (UN-SDG),” said Mahadhir Aziz, CEO, MDEC.
“For 25 years, MDEC has been at the core of developing Malaysia’s digital economy, growing it from zero to contributing 22.6 percent to the nation’s GDP. The constant evolution of digital technology means that we, too, must evolve with the times. MDEC is currently undergoing a transformation initiative to strengthen our organisational performance and efficiency, ensuring higher employee innovation and productivity, and working towards strategic targeted goals. At the same time, it is vital for us to ensure the same efficacy and relevance to the people and industries through Malaysia Digital and our future endeavours,” he concluded.
The Digital Economy Week is part of the 26 weekly thematic trade and business programmes organised by the Malaysia Pavilion for Expo 2020 Dubai. Malaysia’s participation in the world expo is spearheaded by the Ministry of Science, Technology, and Innovation (MOSTI) with the Malaysian Green Technology and Climate Change Corporation as implementing agency.