MDEC announces ‘reinvent’ mission to attract digital investment
25 Jan 2021
The Malaysia Digital Economy Corporation (MDEC) aims to attract more digital investments by embarking on a mission to reinvent itself — heralding a paradigm shift in a bid to prepare itself for the uncharted terrain of the new normal that may remain for a long while.
Its chairman, Datuk Rais Hussain Mohamed Ariff said the mission calls for a new approach and fresh perspectives needed to establish the digital economy as a key driver of the nation’s growth.
“The three main features of the mission are radical transparency and good governance; education from primary to tertiary (university); and collaboration within the government and the private sector,” he said in a statement today.
The mission is announced in conjunction with MDEC’s 25th Silver Jubilee anniversary celebration.
Rais said by undertaking an independent holistic governance review to recalibrate its capability and capacity to deliver on its “Reinvent” mission, MDEC has seen human capital movement at all levels, allowing it to bring in leading industry-focused talents and technocrats.
“This is in addition to the many amazing talents already at MDEC.
“I can see MDEC playing a role to lead the involvement of all levels of the society in contributing towards the new mindset required to sustain and support the Malaysia 5.0 vision, leading to a highly technologically integrated society, governed by inclusive and equitable ‘eco-vironmental’ principles and practices.
He noted that despite the Covid-19 pandemic that impacted the world last year, neighbouring countries had succeeded in attracting foreign investments.
“Singapore raised 25 times more capital for tech start-ups than Malaysia. Indonesia managed to raise 22 times more; Vietnam, the Philippines and even Myanmar all eclipsed Malaysia — which only out-paced Cambodia among its ASEAN peers.
“By this measure, the institutions charged with modernising the economy — including MDEC — need to up the ante, and up it quickly,” he said.