Malaysia sees RM7 bln in digital investments

Minister of Communications and Multimedia Tan Sri Annuar Musa.

KUALA LUMPUR, Aug 18 – Malaysia attracted more than RM7 billion in digital investments both domestic and foreign for the first half of this year.

Announcing this today, Minister of Communications and Multimedia Tan Sri Annuar Musa said the investments were driven by the ministry (K-KOMM) and Malaysia’s lead digital economy agency, Malaysia Digital Economy Corporation (MDEC) as part of efforts to establish Malaysia as the digital hub of ASEAN.

In a press release today, he said the efforts to accelerate economic recovery following the COVID-19 pandemic has also led to the creation of close to 10,000 jobs.

“The results indicate that our nation is on track to achieve the RM70 billion target of investments in digitalisation by 2025, as set by the Malaysia Digital Economy Blueprint (MyDIGITAL).

“Digital investments are a key aspect towards Malaysia’s economic recovery, as they create high-knowledge jobs and help accelerate innovations and adoption that will further boost Malaysia’s digital economy and firmly establish us as a digital nation.”

Annuar said the investments were also testament to K-KOMM and MDEC’s ongoing efforts to drive digital investments to Malaysia while highlighting investor momentum and trust in Malaysia as a prime digital investment destination in ASEAN due to its world-class infrastructure, holistic digital ecosystem, and skilled digital talents.

The digital investments secured are from 53 fast-growing and industry leading companies from across the globe including Australia, China, Japan, Singapore, Switzerland, the Netherlands, United Kingdom, and United States.

A majority of these companies are in the digital services and infrastructure sector, followed by
digital finance. The other sectors comprise digital cities, digital health, digital trade, and digital content.
These companies include technology companies such as AerodyneGroup, Daythree Business Services Sdn Bhd, CTOS Data Systems Sdn Bhd, and TMF Regional Delivery Centre Sdn Bhd.

This is strong indication that Malaysia is fast becoming the prime digital investments hub of ASEAN, he added.