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12MP seeks to position Malaysia as ASEAN digital centre

12MP seeks to position Malaysia as ASEAN digital centre

27 Sep 2021

The 12th Malaysia Plan (12MP) aims to position Malaysia as the ASEAN digital centre, given the country’s strong capability in cyber security solutions and digital content production.

Efforts to achieve this will focus on facilitating strategic and quality investment as well as digitalising micro, small and medium enterprises (MSMEs) to broaden market access, according to the 12MP report.

The report said measures will be undertaken to improve the investment climate and encourage local and foreign venture capital in supporting a niche digital economy market.

“New value propositions to drive strategic investments in the digital economy will be created.

“These include reviewing the current Multimedia Super Corridor (MSC) Bill of Guarantees to further increase competitiveness, promote a more vibrant digital ecosystem, and attract prospective high-technology and high-value investments,” it said.

Additionally, sandboxes will be established to create a conducive environment for real-life testing, including regulatory sandboxes to drive investment and the adoption of catalytic technology.

Meanwhile, the report said that under 12MP, MSMEs will be encouraged to adopt digital technologies in production, processes and business services, mainly in the back-end of business operations.

“Training and awareness programmes will be implemented for MSMEs to enhance readiness to digitalise and compete in the international market.

“Appropriate digital solutions will be identified and proposed to match the level of business readiness through digital adoption incentives,” it added.

The report also said the eBerkat initiative, an initiative to facilitate MSMEs to financial sources in expanding businesses, will be further promoted to assist the MSMEs as well as entrepreneurs among the B40 households in acquiring knowledge, securing insurance and accessing micro-financing services.

“This will enable the MSMEs to participate in bigger markets and expand their businesses internationally,” it said.

Source: The Edge Markets

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