Investments in Malaysian digital economy up 279 pct to RM28.4 bln in 1H2023 – Fahmi Fadzil

Minister of Communications and Digital, Fahmi Fadzil at the launch of the Ohsem Digital Advertising Fund on Aug 10.

KUALA LUMPUR, Aug 12: Malaysia recorded a rise of 279 percent in its digital economy investments, amounting to RM28.4 billion in the first half of 2023 compared with RM7.5 billion in the corresponding period of 2022, said Minister of Communications and Digital, Fahmi Fadzil today.

Attributing the increased investments to a stable and competent government, he said the investments will also translate into new job opportunities for the younger generation.

The government is banking on the digital economy to make a significant contribution to the national economy, and has been taking various measures to include Malaysians from all divide to participate in the growing sector, including the expansion of internet and 5G services to all areas.

On Thursday, the minister also launched the Ohsem Digital Advertising Fund, which enables small and medium enterprises (SMEs) to advertise on premium content sites at a discount of up to 85 per cent through the use of local technology companies.

The fund, worth RM21 million, is a partnership between Dettel Asia Group (DTL), Rev Media Group (Rev) and the Malaysia Digital Economy Corporation (MDEC).

Fahmi said the move was aimed at bridging the gap within SMEs and enable them to use technology as their marketing strategy while highlighting local technology companies that can offer solutions to digital marketing.

Applications for the fund which is limited to the first 1,000 entrepreneurs, can be made at