Malaysia-China economic council, Pikom to attract RM100bil investments - MIDA | Malaysian Investment Development Authority
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Malaysia-China economic council, Pikom to attract RM100bil investments

Malaysia-China economic council, Pikom to attract RM100bil investments

21 Nov 2023

Malaysia-China Digital Economy Cooperation Council (MCDC) and the National Tech Association of Malaysia (Pikom) have jointly pledged a staggering RM100 billion investment over the next five years to propel the local digital economy.

The commitment was announced as part of the RCEP Innovation and Digital Ecosystem (Ride) MADANI initiatives, signaling a significant leap towards a more robust and inclusive digital future for the nation.

MCDC co-chairman Datuk Wei Chuan Beng said the partnership is set to push the nation’s digital aspirations and environmental sustainability goals.

Wei said as of to date, the Ride Madani have already garnered RM2 billion to RM3 billion from 20 participating companies.

“Within the next five years, Ride Madani plans to achieve the ‘Three 100s’ initiative. This includes proposing that 100 enterprises jointly initiate the Ride Madani Alliance, investing a total of RM100 billion in Malaysia over the next five years, and nurturing at least 100 young leaders each year,” he said after the launch of Pikom Leadership Summit 2023 (PLS2023) here today.

Wei said one notable contributor to the initiative is RunJian Corp, which plans to invest RM600 million to establish an artificial intelligence (AI) computing data centre in Malaysia.

Another significant player in this transformative journey is China Tianying Group, poised to establish a regional headquarters dedicated to serving Malaysia and the RCEP green economy.

“In addition, we will also have Kairous Capital and Comcom International to establish the f first dual-currency und (ringgit and ​​renminbi) Malaysia-China Digital and Green Development Fund with a capital of RM1 billion.

“With all this progress, we are confident that the RM100 billion potential investment target can be achieved,” he said.

In a testament to the strengthening ties between Malaysia and China, the PLS2023 incorporated the Ride Madani declaration, to boost the regional digital economy, serving as the RCEP digital economy “test bed” in Malaysia, China and other participating countries.

The summit also hosted the Malaysia-RCEP Digital Champion Roundtable, providing a platform for industry leaders and government representatives to exchange insights and foster partnerships that will shape the future of digital and green economies in the region.

Deputy Prime Minister Datuk Seri Fadillah Yusof highlighted the significance of digitalisation and sustainability in driving Malaysia’s economic growth and resilience.

Fadillah said in 2022 Chinese investors contributed RM55.4 billion, constituting 55.6 per cent of Malaysia’s total foreign direct investment (FDI) and establishing China as the largest FDI source.

“The Asean region, boasting a population exceeding 650 million, presents an extensive consumer base and a diverse technology market. Therefore, strategically establishing a presence in Malaysia enables businesses to harness this vast market and extend their reach across the entire Asean landscape,” he added.

Source: NST