- Following on from the MoU signed in January 2021, the AMTX initiative will provide interested companies with a roadmap of opportunities for bilateral digital trade and investment.
- In partnership with the Australian Trade and Investment Commisison (Austrade), and with the support of the Malaysian Investment Development Authority (MIDA) and Malaysia External Trade Development Corporation (MATRADE), this initiative will commence with a virtual event on 6 May 2021.
CYBERJAYA, 6 MAY 2021: The Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead agency in digital transformation, in collaboration with the Australian Trade and Investment Commission (Austrade) today announced a call to tech companies from both countries to participate in a virtual event that will outline programmes and initiatives which aim to boost bilateral digital trade and investment via the Australia-Malaysia Tech Exchange (AMTX). The webinar will take place on 6 May 2021.
This follows the comprehensive 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 our 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. Effective collaboration will improve innovation as we look to stimulate growth of the digital economy in line with the Malaysia Digital Economy Blueprint (MyDIGITAL),” said Surina Shukri, CEO of MDEC.
“Austrade 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 providersresulting in increased benefit to our respective economies,” said Paul Sanda, Austrade’s Senior Trade and Investment Commissioner.
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. Moreover, the Malaysia Digital Hub (MDH) programme is also available to provide support with co-working spaces, thereby easing the market entry process.
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 as we look to create an equitable, inclusive and technologically-integrated society in line with Malaysia 5.0,” said Gopi Ganesalingam, MDEC Vice President, Digitally-Powered Businesses division.
Over the years, Malaysian tech companies have found success in Australia. Aerodyne, a global leader in Drone Technology, Data Technology and Digital Transformation, has made its presence felt especially in Australia’s agriculture technology (AgTech) scene. Other successful Malaysian companies which made their way there include Soft Space, MoneyMatch and LGMS.
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. Australian investments in Malaysia from 1997 to 2018, via the Multimedia Super Corridor, totalled RM2.53 billion (US$617 million), with 41 active companies in the market. Australian tech companies are drawn to Malaysia by its strategic location, attractive business environment, and reliable infrastructure.
Australia is a key market for many Malaysian tech companies for expansion, with the country being a key market for testing products prior to a European or North American expansion. In recent years, 11 Malaysian tech companies having been listed on the Australian Securities Exchange (ASX), making the country an appealing business destination.
Since its inception, MDEC’s market access programme has formed partnerships with over 200 parties globally and forged over 800 business matching opportunities for its portfolio companies. All of this has resulted in over US$1 Billion in digital export revenue. This new MoU will build upon that success and further strengthen the digital relationship between the two countries.
To-date, MSC Malaysia has attracted a cumulative RM345 billion investments, creating close to 185,000 jobs. This mostly came from multi-nationals that have opened their global business services and regional operations here in Malaysia. Malaysia is also ranked second in ASEAN and 26th globally in the recent IMD World Digital Competitiveness Ranking 2020.
Malaysia’s diversified multi-lingual and digitally-skilled talent pool; ready infrastructure and thriving digital economy ecosystem has led it to be recognised as a first-mover for the high-value digital business services in the region.
The AMTX is now open for registration. Tech companies, corporations and partners from both countries can go to the following URL to register and take part in this virtual event: https://mdec.my/amtx
About Malaysia Digital Economy Corporation (MDEC)
Malaysia Digital Economy Corporation (MDEC) is a government agency under the purview of the Ministry of Communications and Multimedia Malaysia entrusted to lead Malaysia’s digital economy forward.
Incorporated in 1996 to oversee the development of the MSC Malaysia initiative, MDEC’s primary mandate today is to accelerate the growth of digitally-skilled Malaysians, digitally-powered businesses and digital investments in Malaysia. MDEC is focused on creating inclusive, high-quality growth through the nationwide digitalisation initiatives that are in line with the Government’s Shared Prosperity Vision 2030 in line with Malaysia 5.0 and firmly establishing Malaysia as the Heart of Digital ASEAN.
About Australia Trade and Investment Commission (Austrade)
The Australian Trade and Investment Commission – Austrade – is Australia’s leading trade and investment agency. We are experts in connecting Australian businesses to the world and the world to Australian businesses.
We have a proud history of helping Australian businesses pursue their global ambitions and have the power to open doors, unlock opportunities and help Australian businesses go further, faster.
We help attract game-changing investment to Australia, to support new industries, enhance existing ones and bolster our world-class research and development – strengthening global supply chains, creating local jobs and boosting the economy.
With over 80 offices around the world, our experts in Australia and abroad collaborate to provide the best ‘in-country’ advice. Our diverse team, consisting of country experts, industry specialists, and trade and investment analysts, provides clients with actionable macro and micro insights.
From trade and investment processes to protocols and regulation – we help Australian businesses, big or small, navigate complex overseas markets and make it easier for them to go global. At the same time, our advice, contacts and support at every step, reduce the commercial risk of exporting to overseas markets.
And, our work continues. At a time of increasing global uncertainty, we are transforming our services, to help ensure Australia’s growth and a global future for all.
Twitter: @Austrade / @AustradeKL