According to Fahmi, the digital economy is one of Malaysia’s main economic pillars, contributing 23.2% of the country’s GDP in 2021 and projected to increase to 25.5% by 2025.
Malaysia has established itself as a vibrant hub for technology and innovation, with a thriving start-up ecosystem and an inspiring entrepreneurial spirit, according to Communications and Digital Minister Fahmi Fadzil.
He claims that in order to accelerate the digital economy, the Malaysian government has made significant efforts to create a friendly environment for tech investments and entrepreneurs. It also recognises the crucial part technology plays in promoting economic expansion.
In his speech at the launch of the Horizon – Digital Economy Publication 2022 by the Malaysia Digital Economy Corporation (MDEC) here today, he said, “The government has also placed great emphasis on the growth of Malaysia’s digital economy, which has gradually increased its share of the national economy.”
According to Fahmi, the digital economy is one of Malaysia’s main economic pillars, contributing 23.2% of the country’s GDP in 2021 and projected to increase to 25.5% by 2025.
The government has developed a thorough strategic plan that focuses on bolstering cybersecurity, encouraging continuous growth in the digital economy, and strengthening communication infrastructure in order to prepare Malaysia for a Golden Digital Decade.
“The government also wants to use digital platforms and digital business models to promote economic participation among all Rakyat segments. The goal of digital Malaysia in the future is to establish a thriving digital ecosystem that will foster innovation, draw in capital, and lead the country to a prosperous future, according to him.
Horizon is a thorough and strategic publication with the tagline “A perspective of Malaysia’s digital economy,” dedicated to showcasing the dynamic growth trend in Malaysia’s digital economy.
Insightful information on the nation’s digital landscape is provided by MDEC, which is a resource for both international and domestic stakeholders. The magazine focuses on subjects like Digital Economy At A Glance and Look Ahead Beyond 2023 and covers business, investors, and society. To comprehend the complexities and trends of the digital economy, it provides in-depth analysis, commentary, and data-driven insights.
According to MDEC CEO Mahadhir Aziz, the ICT sector’s GDP decreased by 10.2% in 2020, but the sector’s gross value added increased by 10.5%. Since 2021, the sector’s employment growth has persisted, outpacing other industries with growth rates that are negative or nearly negative. 44% of new jobs in Malaysia were created by the ICT sector in 2021.
Malaysia as a technology hub is well-positioned for a successful digital future thanks to MDEC, which offers extensive support to both domestic and foreign businesses. They place a high priority on upskilling and reskilling initiatives to support digital talent. Building a digital ecosystem that fosters innovation, empowers businesses, and facilitates digital inclusion is the goal of initiatives like Malaysia Digital (MD).
“Nine sectors that have been promoted under the MD Catalytic Programmes have been found to have strong growth potential, business opportunities, and significance in advancing Malaysia’s digital economy.
“The Ministry of Communications and Digital must lead strategic initiatives in this dynamic space on behalf of the government, he continued.