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Malaysia raises 2023 digital investment target to RM80b

Malaysia raises 2023 digital investment target to RM80b

26 Nov 2023

Malaysia has exceeded RM75 billion in digital investments so far this year and the government is setting its sights on RM80 billion for 2023, according to Malaysia Digital Economy Corporation (MDEC).

MDEC senior manager, talent & capability (tertiary) Nik Hishamuddin Nik Mohd Yusoff said that the revised target comes after an adjustment from the original projection of RM25 billion earlier this year, which was revised due to surpassing RM14 billion by the middle of the year.

“We just revised our investment target for this year, it was supposed to be about RM25 billion investment coming into Malaysia for this year, but by the middle of this year, we had to revise it because we already surpassed RM14 billion this year. The ministry has given us a new target, which is RM80 billion and I think that is not a challenge because from the last report that we had, last week we already achieved about RM75 billion, so it’s only about RM5 billion to go and our investment team is still going around,” he said at Huawei ICT Academy Summit 2023 recently.

In his presentation, he said that investment opportunities in Malaysia’s digital economy are global business services, the development hub of IT and AI, and software and automation application cloud.

Currently, Malaysia’s digital economy contributes 22.6% to the GDP. The target for its contribution to GDP by 2025 is set at 25.5%. To meet the demands of this growing sector, Malaysia aims to develop 1.2 million digital tech talents.

The Huawei ICT Academy Summit 2023 last Friday saw the convergence of educators as well as industry professionals and leaders placing the spotlight on information and communications technology (ICT) as a key enabler in education and talent development in the country.

Director-general of Higher Education Professor Dr Azlinda Azman who delivered the keynote at the summit said it has become crucial for all our educators to be able to utilise ICT tools and technologies both within and beyond the classroom setting, to leverage its power to facilitate personalised learning, and to prepare the next generation for the digital age.

She also commended the efforts of the Huawei ICT Academy in bridging the gap between education and industry.

“To facilitate the smoother transition for young Malaysians to participate effectively in the economy, it is equally vital for us to close the gap between education and industry.

“The Huawei ICT Academy as a prime example of effectively bridging this gap. As a platform, the Huawei ICT Academy has integrated theory and pragmatic practice, as well as incorporated up-to-date ICT applications into teaching and training courses.

“The academy is widely acknowledged by industry peers for its good work in training and talent development initiatives to produce world-class ICT professionals. It also ensures that the academia and the industry are in sync as to the type of talent cultivated and needed,” said Azlinda.

She added the event is also another example of how the gap can be narrowed between education and industry.

“In a fast-paced, digital world, ICT is a crucial enabler of quality, inclusivity, and innovation in learning. Educators and educational institutions must quickly adapt to the disruptions technology has brought in its wake, as it is imperative to stay ahead of the curve so that you are able to effectively engage with students,” she said.

Source: The Sun Daily