Categories: Digital economy, Industry 4.0, Malaysia 5.0

Malaysia 5.0: Ready To Reinvent Malaysia’s Digital Economy

Malaysia Digital Economy Corporation Chairman Datuk Wira Dr Hj Rais Hussin Mohamed Ariff, shares on Malaysia’s Fourth Industrial Revolution (4IR) vision and the Malaysia 5.0 digital economy

Malaysia’s digital economy has been on a steady rise, growing at around 21% annually. In 2018, the digital economy contributed RM267.7 billion or 18.5% in the gross domestic product (GDP) which is among the highest within the ASEAN region. In the wake of the COVID-19 pandemic, the Malaysian government recognised this growth as a crucial driver to stimulate economic recovery.

The digital economy journey began with the government’s inception of the Multimedia Development Corporation (now known as the Malaysia Digital Economy Corporation [MDEC]) in 1996. It was initially tasked to promote the Multimedia Super Corridor Malaysia (MSC Malaysia), a national initiative by the Malaysian Government to promote both the national Information and Communication Technology (ICT) industry and provide a test-bed for the global ICT industry.

In 2017, the government launched a national level technical working group, led by the Ministry of International Trade and Industry (MITI) to develop a National Industry 4.0 policy and MDEC was part of the working group to develop a proactive measure to transform the Malaysian businesses and its related services. Industry 4.0 is one of Malaysia’s first steps in embracing the digital revolution that is expected to transform the nation.

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