MDEC welcomes foreign digital investments in Malaysia post-COVID-19
12 Jun 2020
Malaysia Digital Economy Corporation (MDEC) welcomes foreign digital investments into the local market with the gradual reopening of economic sectors following the Government’s success in containing COVID-19.
Chief executive officer Surina Shukri said MDEC had recently submitted a proposal to the Economic Action Council on efforts to accelerate the growth of the country’s digital economy post-COVID-19, which it viewed as a priority in addition to enhancing business applications and services as well as continuing to get people to embrace digitalisation in adjusting to the new normal.
“Malaysia is now in the economic recovery phase. Therefore, we are welcoming digital investors that seek to expand their operations in the country and make Malaysia a springboard to explore the ASEAN market which has a lot of potential,” she said during a recent webinar organised by MDEC titled “Pre and Post COVID-19: Malaysia’s Digital Economy As A New Driver of Development.”
Two World Bank representatives, senior specialist for technology and jobs Siddhartha Raja and senior economist and Smita Kuriakose, also participated in the event.
A statement from MDEC quoted Surina as saying at the webinar that there was a need for dialogue sessions between the public and private sectors to obtain feedback and understand the needs of the small and medium enterprises as well as micro entrepreneurs in order for them to rise again after the challenging period.
Malaysia, she said, was ready to regain the trust of foreign investors.
“The country has been recognised as a choice location for Fortune 500 and digital technology companies and is on the right track to be the Heart of Digital ASEAN based on its dynamic ecosystem, competitive and skilled workforce and robust infrastructure,” she added.
Meanwhile, Smita said the Digital Free Trade Zone initiative launched by MDEC reflected the country’s preparedness based on its solid basic infrastructure and logistics services to ensure the growth of the e-commerce sector.
As for Siddhartha, he opined that Malaysia had a good track record in the services sector as well as infrastructure network and Internet coverage.
“Malaysia has invested in its infrastructure facilities and has the right momentum to expand its digital economy. In the long term, Malaysia should perhaps consider increasing the Internet speed and coverage especially in the rural areas,” he said.