kuala lumpur: The Malaysian Investment Development Authority (Mida) is on track to reach its target of RM70 billion in digital-related investments, in line with the strategy of the Malaysian Digital Blueprint (MyDigital).
With a strong strategy to ensure that digital-related investments remain competitive in the country, the Digital Investment Office (DIO), a joint platform of Mida and the Malaysia Digital Economy Corp (MDEC), has invested 66.47 billion dollars as of September. Promotes ringgit investment. This exceeds his 99% of the goal of the MyDigital initiative.
The approval of notable data center and data hosting projects, such as China’s Bridge Data Centers Malaysia III Sdn Bhd and ByteDance System Sdn Bhd, and Malaysian listed company YTL Power International Bhd, encourages Malaysia to attract more digital investment projects. It’s a sign that you’re ready to host.
Zuaida Abdullah, Mida’s executive director (service development), said barriers such as technology costs and lack of a digital strategy have accelerated digital adoption in the country’s businesses, although it is still low among small businesses. rice field.
“Today, digitization by businesses is becoming more commonplace. It may be a daunting journey for small businesses, but technological advances such as artificial intelligence (AI), the Internet of Things (IoT) and big data Must accept.
“To this end, Mida facilitates the digital transformation journey of industry players in order to close the digital divide between Malaysian SMEs and Malaysian Multinational Corporations (MNCs).” She told Bernama in a recent exclusive interview.
Mida, in collaboration with Malaysia Productivity Corp (MPC) and Intel Malaysia, launched a booklet on June 22, 2022 summarizing the AI for SMEs (AI4S) Program proof-of-concept project.
A total of 100 SMEs were selected to participate in the AI4S program. There, they underwent a comprehensive technology enablement process and training to conduct personalized pilot projects for their businesses and accelerate their adoption of AI technologies.
In addition to strengthening coordination among all Malaysian Investment Promotion Agencies (IPAs), Mida and MDEC will also work together to attract, coordinate, promote and facilitate all digital investments in Malaysia in 2021. Established DIO.
The move was endorsed by the National Council of Digital Economy and the Fourth Industrial Revolution (MED4IR).
According to Zuaida, the establishment of DIO is timely and in line with the global investment shift towards digitization and Industrial Revolution 4.0 (IR4.0), providing a unique opportunity to attract more digital-related projects. has created an interesting value proposition.
“DIO engages and collaborates with federal and state governments, service providers, IPAs, technology agencies, and other relevant departments.
“This will leverage Mida’s global network of 21 overseas offices and 12 regional offices across Malaysia to meet investors on-site and assist in project implementation,” she added.
Meanwhile, DICP was established in 2018 to help and facilitate local businesses, especially SMEs, to bridge financial and technological gaps and gain market access through strategic cooperation and joint ventures with potential partners. doing.
Its scope includes technology business matching, project finance, capital raising (debt and equity), mergers and acquisitions, divestitures and acquisitions, and initial public offerings.
“Currently, the DICP Unit, which falls under Mida’s domestic investment arm, oversees three main initiatives: establishing greater links with the existing banking sector; , and engaging with companies that are IPO-ready,” said Zuaida. .
Mr Zuaida said Malaysia always welcomes quality investment and seeks new and advanced technologies for companies to raise productivity levels, increase efficiency and strengthen the industry ecosystem by enhancing local capacity. He said he was prepared to encourage adoption.
“As digitization is rapidly evolving and becoming the new norm, we also welcome new technologies that can enhance Malaysia’s capabilities as a digital nation.
“In the wake of IR4.0, companies are keen to acquire the necessary knowledge and expertise,” she said.
Key strategies outlined by Mida to promote digital investment include Industry4WRD: National Policy on Industry 4.0. Industry4Wrd Intervention Fund; and Automation Capital Deduction. Zuaida also said the government’s initiative to accelerate the rollout of his 5G network through his Digital Nasional Bhd will be a key driver of Malaysia’s economic growth.
“The adoption of 5G technology is projected to increase Malaysia’s gross domestic product by 5%, or RM122 billion, and create 750,000 highly skilled jobs in 2030. Efficiency It will boost productivity, boost productivity and create new opportunities for the Malaysian economy,” added Mr Zuaida.
As of December 2022, Malaysia’s 5G deployment efforts have covered nearly 50% of the country’s densely populated areas.
Mida will continue to promote and execute action plans to further strengthen the adoption of digitalization in business, with a greater focus on the environmental, social and governance (ESG) agenda of the project pipeline.
Zuaida said it is imperative to bridge the ESG agenda and digital transformation, noting that now is the time for business and technology to work together to plan a sustainable future.
“For example, data center companies have set corporate goals to reduce their carbon footprint, and have set ambitious targets to achieve a net zero carbon footprint in the next 20 to 30 years. .
“Ultimately, forward-looking ESG practices are important because they benefit the environment and society. By playing an active role in promoting and implementing sustainability initiatives, the data center industry We are perfectly positioned to play an integral role in connecting the economy.”
In addition, Mida urged MNCs to invest in upskilling, reskilling and cross-skilling talent to fill skills gaps as part of the social component of ESG.
Citing Microsoft as an example, Zuaida said the tech giant has announced a commitment to upskill 1 million Malaysians by the end of 2023 through its ‘Bersama Malaysia’ initiative.
“As of August 2022, Microsoft has achieved more than 60% of its skills target, or 600,000 talents,” she added. – Bernama
