MDEC, Austrade boost bilateral trade, investment with AMTX
By Digital News Asia May 7, 2021
- MTEP, Malaysia Digital Hub help Australian tech companies into Malaysian markets
- Aerodyne, Soft Space, MoneyMatch, LGMS success example making inroads
THE Malaysia Digital Economy Corporation (MDEC), in collaboration with the Australian Trade and Investment Commission (Austrade), has outlined programmes and initiatives aimed at boosting bilateral digital trade and investment via the Australia-Malaysia Tech Exchange (AMTX).
This follows the memorandum of understanding (MoU) signed in December 2020, which is a core component of the Comprehensive Strategic Partnership (CSP) jointly announced as the elevation of diplomatic relations between both countries at the Australia-Malaysia Leaders’ Virtual Summit in January 2021 by both Malaysia’s and Australia’s Prime Ministers
“Australia is an important trading partner and we are looking forward to building closer bilateral trade relations in the areas of digital trade and investment via this programme. We are committed to providing our utmost support to strengthen the tech ecosystems in both countries for mutual success,” said Surina Shukri, chief executive officer of MDEC (pic).
“Effective collaboration will improve innovation as we look to stimulate growth of the digital economy in line with the Malaysia Digital Economy Blueprint (MyDigital).”
Paul Sanda, Austrade’s senior trade and investment commissioner, sees AMTX as a business focused platform to support and enhance public-private partnerships between tech service providers and larger corporates with support from both Australian and Malaysian governments.
“We look forward to working closely with MDEC as we embark on this exciting journey and are confident that AMTX will provide significant trade and investment opportunities for our technology providers, resulting in increased benefit to our respective economies,” he said.
To further enable the entry and expansion of Australian tech companies into Malaysian markets, MDEC offers the Malaysian Tech Entrepreneur Programme (MTEP), which provides a one-year pass to new entrepreneurs and a five-year pass to established ones.
Additionally, the Malaysia Digital Hub (MDH) programme is also available to provide support with co-working spaces, MDEC said.
MDEC and Austrade have also set up a one-stop platform to provide assistance and guidance to tech companies looking to make Malaysia its base for expansion into the wider Asean region and beyond.
Interested companies will only need to fill up a form here and MDEC will revert accordingly to provide the necessary support.
“We are delighted to extend and expand our tech exchange programme with Austrade. Multiple success stories have grown from our bilateral trade relations and we at MDEC are confident we can mutually benefit and grow both our digital economies,” said Gopi Ganesalingam, MDEC vice president, digitally-oowered businesses division.
According to MDEC, a number of Malaysian tech companies have found success in Australia. Drone tech company Aerodyne have made inroads in Australia’s agriculture technology (AgTech) scene, while fintech player Soft Space has helped the transportation industry in New South Wales. Other companies that have also been successful are MoneyMatch and cyber security firm LGMS.
A key market
MDEC said that AMTX was introduced to drive digital collaboration among tech companies from both nations, facilitate and create pathways for bilateral trade and investment in the digital economy, provide platforms and avenues for collaboration and innovation in the digital economy reducing digital trade barriers and promote consistent and open digital trade rules in the region.
Both nations have cooperated closely on digital trade and investment for decades, MDEC said. Australian investments in Malaysia from 1997 to 2018, via the Multimedia Super Corridor, totalled US$617 million (RM2.53 billion), with 41 active companies in the market, it added.
In recent years, 11 Malaysian tech companies having been listed on the Australian Securities Exchange (ASX).
The AMTX is now open for registration. Tech companies, corporations and partners from both countries register here.
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