The Malaysia Digital Economy Week brings new trade, investment home
By Digital News Asia February 22, 2022
- Exceeded initial target of RM300 million investments
- Derived from business leads, matchings and partnership deals
The Malaysia Digital Economy Week at Expo 2020 Dubai has garnered US$309.8 mil (RM1.295 billion) worth of qualified trade and investments to Malaysia.
[RM1 = US$0.239]
In a statement, the Malaysia Digital Economy Corporation (MDEC) said this is derived from 110 business leads, 138 business matchings and 16 Memoranda of Understanding (MoUs) among the 22 participating Malaysian technology companies of the digital economy week delegation to Expo 2020 Dubai.
This delegation ws led by the Malaysian Communications and Multimedia Ministry (KKMM) together with MDEC.
Held between Jan 9 to Jan 15 at the Malaysian pavilion of the world expo, the Malaysia Digital Economy Week served as a showcase of Malaysia’s technological innovations and fourth industrial revolution (4IR) solutions, encompassing sectors such as islamic fintech and digital ID solutions to animation and video games.
The event recorded over 20,000 visitors to the Malaysian Pavilion, claimed MDEC.
The RM1.295 billion in qualified investments and 110 business leads garnered have exceeded the initial target of RM300 million in investment potential and 50 leads respectively, MDEC said.
An estimated 890 jobs will be created as part of the investment opportunities, it claimed.
Minister of communications and multimedia Annuar Musa said, “The qualified investments will create a chain reaction that includes the creation of many high-value jobs that will be vital towards Malaysia’s economic recovery in line with the Twelfth Malaysia Plan (12MP), and further driving Malaysia’s value proposition as the digital hub of Asean.
He added that the qualified trade and investments represents a step towards realising the goals of the Malaysia Digital Economy Blueprint (MyDigital), which targets RM70 billion in digital investments by 2025.
The Malaysia Digital Economy Week also witnessed the signing of 16 MoUs between Malaysian tech companies and their international partners. 138 business matchings were also successfully carried out during the event.
MDEC CEO Mahadhir Aziz said the agency is proud to have led a distinguished and innovative slate of local tech champions to the world stage.
“The partnerships that they have forged will not only help them grow as global players but will also drive innovations and solutions that will ultimately benefit society and propel us further as a digital nation.
“A sustainable digital economy is built upon collaboration and cooperation – Expo 2020 Dubai not only allowed us to expand our network of collaborators worldwide, but also further proves the power and prowess of public-private-industry partnerships,” he said.
The Digital Economy Week also marked the announcement of Malaysia Digital, the enhanced and revamped programme to succeed the MSC Malaysia initiative, which has been in operation for 25 years, MDEC said.
Malaysia Digital is set to boost Malaysia’s value proposition to attract digital investments through a new framework centered on three primary components - agility, flexibility, and relevance, it added.
Under the Malaysia Digital initiative, the government and MDEC will also be introducing two initial catalytic projects, namely DE Rantau and Malaysia Digital Trade, MDEC noted.
DE Rantau is set to establish Malaysia as the preferred Digital Nomad Hub in ASEAN, while Malaysia Digital Trade will drive interoperability and greater harmonisation of standards and regulatory approaches as well as to facilitate trade within and across borders.
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