MDEC will lead initiatives to accelerate investments and participation in the digital economy underpinned by Shared Prosperity Vision 2030
The Prime Minister of Malaysia, Tun Dr. Mahathir Mohamad, has announced key initiatives to boost the digital economy in Malaysia at the landmark 30th MSC Implementation Council Meeting (ICM). The Malaysia Digital Economy Corporation (MDEC) will lead the implementation of these plans, underpinned by the national theme of “Driving Growth And Equitable Outcomes Towards Shared Prosperity”, which was recently unveiled in Budget 2020.
“The last time I chaired the ICM was in 2003, 16 years ago. At that time, Malaysia had already forged ahead to transform Malaysia into a regional technology leader. I am pleased to see the evolution of MSC as it grows in strength, netting a total investment of RM325 billion, of which 44% are foreign investments,”
“As we near 2020, and with MSC Malaysia on the cusp of celebrating its silver jubilee in 2021, I am sure MDEC will continue to live up to its mandate to lead the digital economy and leapfrog Malaysia into the Fourth Industrial Revolution. It is time for Malaysia to be an Asian Tiger once again,”
Tun Dr. Mahathir Mohamad
Currently, the Malaysian digital economy, on average, has grown 9% annually in value- added terms; this is between 2010 to 2016. Statisically, this is faster than Malaysia’s overall GDP growth, highlighting the country’s digital economy as a growth source of expansion.
The key initiatives announced were:
1. A Global Testbed initiative to attract next-gen emerging technologies to innovate in Malaysia. Under this initiative, MDEC will accelerate development in the fintech, blockchain, and drone sectors by attracting global digital talents and interest from investors.
A pilot dronetech testbed initiative will be implemented to leverage the rapidly increasing adoption rates around the globe. The dronetech sector is estimated to generate a value of US$127 billion by 2025. Currently, several Malaysian companies are already global leaders within the international dronetech market.
2. Equally critical is the development of Malaysian tech talent. To address the growing demand for a digital-savvy workforce, MDEC has proposed a new Digital Talent Development Strategy Framework. It is designed to mobilise and coordinate the end-to-end nurturing of Malaysia’s tech talent both locally and on the international stage. This framework will coincide with the creation of the Cross- Ministerial Cabinet Committee.
The establishment of a Future Innovators Academy – an educational component that builds upon MDEC’s successful #mydigitalmaker programme – has also been proposed. This platform will look into providing close industry mentoring to tertiary students from 2021 onwards with an initial cohort of 100 young innovators. Similar to the #mydigitalmaker programme, this initiative aims to produce skilled talents who are equipped with strong tech, entrepreneurial, and communication skills.
Beyond proposing these new intiatives, MDEC is also tasked with the creation and maintenance of a National Digital Skills Register. This registry will act as a guide for life-long learning initiatives that specifically targets Malaysians who are facing challenges in the job market.
