- The Malaysia Digital Economy Week at the world expo, organised and led by KKMM and MDEC, exceeded the initial target of RM300 million investments.
- The RM1.295 billion in qualified investments is derived from 110 business leads, 138 business matchings and 16 partnership agreements.
CYBERJAYA, 21 FEBRUARY 2022 – The Malaysia Digital Economy Week at Expo 2020 Dubai has garnered RM1.295 billion worth of qualified trade and investments to Malaysia.
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, led by the Malaysian Communications and Multimedia Ministry (KKMM) together with Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead digital economy agency.
Held from 9 to 15 January 2022 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.
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. An estimated 890 jobs will be created as part of the investment opportunities.
“The Malaysia Digital Economy Week at Expo 2020 Dubai is a testament to Malaysia’s strength in the digital economy as well as the global confidence towards our nation as a prime digital investment destination. 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,” said YB Tan Sri Datuk Seri Panglima TPr Annuar bin Haji Musa, Minister of Communications and Multimedia.
He added that the qualified trade and investments represents a massive 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 Memoranda of Understanding (MoUs) between Malaysian tech companies and their international partners. 138 business matchings were also successfully carried out during the event.
“MDEC is proud to have led such 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,” said Mahadhir Aziz, Chief Executive Officer of MDEC.
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. Malaysia Digital is set to boost Malaysia’s value proposition to attract digital investments through a new framework centred on three primary components – Agility, Flexibility, and Relevance.
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 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.
About Malaysia Digital Economy Corporation (MDEC)
Malaysia Digital Economy Corporation (MDEC) is the agency under the Ministry of Communications and Multimedia Malaysia leading the digital transformation of the economy for 25 years. We aim to enable a progressive, innovation-led digital economy.
MDEC will continue to lead Malaysia towards becoming a globally competitive digital nation through the development and execution of the Malaysia Digital initiative, which aims to create substantial digital economic spill-over through equitable access to digital tools, knowledge, and income opportunities.
Predicated on a new framework built upon three primary components – Agility, Flexibility, and Relevance – Malaysia Digital is set to enhance Malaysia’s value proposition to attract digital investments, firmly establishing Malaysia as the digital hub of ASEAN.
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