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Malaysia announces two flagship initiatives to catalyse digital economy, investment opportunities, says minister

Malaysia announces two flagship initiatives to catalyse digital economy, investment opportunities, says minister

12 Jan 2022

Malaysia is introducing two flagship initiatives which will drive and catalyse the digital economy as well as investment opportunities in Malaysia and the region.

Communications and Multimedia Minister Tan Sri Annuar Musa said one is the DE Rantau programme, which is aimed at establishing Malaysia as the preferred Digital Nomad Hub in a bid to boost digital adoption and to promote digital professional mobility and tourism across the country.

He said the other is the Malaysia Digital Trade programme, which is set to drive interoperability and greater harmonisation of standards and regulatory approaches, to facilitate trade within and across borders.

“Digital Nomad Hub is a departure from the location-based approach under MSC Malaysia. Now it is not just the Kuala Lumpur or Cyberjaya Super Corridor.

“It should not be exclusive, (or) location based. (Having it) throughout the country, that is the part of major departure. Of course, if we want to encourage digital nomad, we must have the facilities in those areas, especially if you want to promote tourism in places such as Sipadan, Langkawi or Tioman,” he said.

Annuar was speaking at a press conference after the announcement of Malaysia Digital Economy Week in conjunction with the Expo 2020 Dubai at the Malaysia Pavilion here today.

On the Digital Trade programme, Malaysia Digital Economy Corporation (MDEC) chief executive officer Mahadhir Aziz said the main objective of the programme is to support cross-border trading.

He said this initiative will involve many forms, including having a digital system that can transact data between countries as well as a digital trade agreement that Malaysia has to subscribe to in order to function with other countries which have ratified the same agreement.

“We have to look at cross-border trust in data that we are sharing as well. In Malaysia, and as part of Malaysia Digital, we will begin with a national e-invoicing project.

“This has been stated in the Malaysia Digital Economy Blueprint (MyDIGITAL), whereby we will look at reducing and minimising leakage of income and revenue for the government while we do trades,” he said.

Elaborating further, he said that according to data from MDEC and Inland Revenue Board (IRB), the government will have at least an estimated RM2.1 billion possible additional revenue once e-invoicing is in place, which will take three to six years depending on other countries.

The Malaysia Digital Economy Week is part of the 26 weekly thematic trade and businesses programmes organised by the Malaysia Pavilion for Expo 2020 Dubai.

MDEC is targeting to attract investments worth more than RM300 million as well as 50 eligible prospective businesses during the Malaysia Digital Economy Week from January 9 to 15.

Source: Bernama