MDEC has been tasked to focus on growth through public-private partnerships.
Malaysia Digital Economy Corporation (MDEC) has welcomed overseas digital investment into the local market, following the gradual reopening of its economic sector.
It has been mandated to lead the country’s digital economy, is now focusing on accelerating its growth through public-private partnerships (PPP) to enhance the cooperation of the two sectors to achieve a large-scale impact while benefiting the people.
Chief executive officer, Surina Shukri said, it had recently presented a proposal to the Economic Action Council (EAC) on efforts to accelerate the growth of the post-Covid-19 digital economy.
MDEC stated this should be a priority besides strengthening business-related applications and services and continuously digitising the people to meet the new norms.
“Malaysia is in a phase of economic recovery. Therefore, we are pleased to invite digital investors who want to expand their operations in the country as well as a stepping-stone for them to explore the ASEAN market,” she said.
Shukri explained that in an effort to overcome the Covid-19 challenges, Malaysia saw the need for dialogue sessions involving the public and private sectors to get feedback and to understand the need for small and medium enterprises (SMEs) as well as micro entrepreneurs to recover after facing challenging period.
Also released are the benefits that the public has received from public and private sector partnerships including the potential for further e-commerce as economic activity can be expanded throughout the country through the broader involvement of the B40 and the rural community.
“This also provides opportunities for individuals with digital skills as well as helping those affected or lost their jobs because of Covid-19,” she said.
MDEC has launched Digital Free Trade Zone (DFTZ) initiative which showed the country was always ready for strong basic infrastructure and logistics services to ensure the growth of the e-commerce sector.
Shukri expressed confidence that as the country ‘recovered’ from the effects of global pandemic, Malaysia was also ready to restore confidence to foreign investors.
“Malaysia has been recogniseed as the preferred location for Fortune 500 companies and digital technologies and even digitally driven and is on the right track to become ASEAN’s Digital Heart based on its dynamic ecosystem, competitive and talented workforce and robust digital infrastructure,” she said.
MDEC is expecting a 20 per cent growth in e-commerce contribution to the digital economy this year despite the enforced Movement Control Order (MCO) to contain the spread of Covid-19.
In a statement, it said the projected growth could be achieved through the active intervention of various ecosystem partners via ongoing initiatives and MDEC potentially see the expected contribution to gross domestic product (GDP) to go up to as high as RM170 billion for 2020.
“To the people, businesses and communities that are looking forward to further support within the digital space, I encourage you to step up and take this opportunity, regardless of your background and nature of the business to be part of this digital ecosystem as the nation recovers from this pandemic.
“PENJANA is that much-needed boost to restore incomes, lifestyles and provides assistance for us to overcome the current challenges and look firmly to the future,” said Shukri.