‘Digital investments hit RM46.22b in 2023’ - MIDA | Malaysian Investment Development Authority
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‘Digital investments hit RM46.22b in 2023’

‘Digital investments hit RM46.22b in 2023’

29 Mar 2024

Malaysia’s digital investment soared to RM46.22 billion last year, surpassing the targeted amount of RM30 billion by 54 per cent.

Malaysia Digital Economy Corporation (MDEC) chief executive officer Mahadhir Aziz said this was contributed by 256 companies, with 53 per cent in the information technology cluster.

He said this was followed by global business services (26 per cent), data centres and cloud (13 per cent), and technology and creative content (eight per cent).

“A total of 22,258 high-value jobs were created last year, with the global business services cluster contributing 51 per cent of the total,” he said at a media briefing recently.

“The number of jobs created represents a growth of 36 per cent compared to 2021.”

Mahadir said local digital companies also achieved remarkable financial results, generating revenue of RM8.87 billion, surpassing the target of RM7.5 billion by 18 per cent.

Furthermore, he said, the export value surged to RM3.18 billion, an increase of 181 per cent from 2021.

“Malaysia’s digital footprint has expanded globally, with companies now operating in 17 countries. Indonesia, the Philippines, and Vietnam are the top three countries where Malaysian digital companies have a strong presence,” he said.

Moving forward, Mahadir said MDEC would be introducing a new tax incentive in May for Malaysian companies with digital status and existing Multimedia Super Corridor-status companies.

“We have an amended tax incentive that will be announced in May. This is something that we want to be able to take on, and we will announce it together with the Finance Ministry,” he added.

Source: NST