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MIDA and MDEC set up Malaysia’s Digital Investment Office

MIDA and MDEC set up Malaysia’s Digital Investment Office

23 Apr 2021

KUALA LUMPUR (April 23): The government has set up the Digital Investment Office (DIO) to facilitate digital investments in Malaysia.

In a joint statement, the Malaysian Investment Development Authority (MIDA) and Malaysia Digital Economy Corporation (MDEC) said the establishment of the office was endorsed by the National Council of Digital Economy and Fourth Industrial Revolution (MED4IR) chaired by Prime Minister Tan Sri Muhyiddin Yassin.

The DIO is a fully-collaborative digital platform between MIDA and MDEC, which aims to create awareness of digital investments in the country and strengthen coordination among all investment promotion agencies (IPAs) in promoting and attracting new investments in this fast-evolving segment.

According to MIDA and MDEC, the office will cater for rapidly-growing demand for digital infrastructure, with a goal of anchoring global technology leaders, building local champions and nurturing future-ready talent in Malaysia.

“In the long term, with the shift in the global digital landscape, the government anticipates the DIO to play a vital role to position Malaysia as the preferred digital hub and firmly establish Malaysia as the Heart of Digital ASEAN in the Southeast Asian economic region,” the statement read.

Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali called the establishment of the DIO timely and in line with the evolution of the investment landscape in the region towards digitalisation and Industry 4.0 — as it will create a unique value proposition for upcoming digital investments.

“We are optimistic that with this structured governance of investment promotion and facilitation, Malaysia’s digital ecosystem will be further strengthened and primed for the future, ensuring that the country remains competitive on the path of post-Covid recovery,” he added.

Meanwhile, MIDA chief executive officer (CEO) Arham Abdul Rahman said the DIO builds upon Malaysia’s aspirations to position itself as a digital hub in the region.

“In the long run, this will enhance Malaysia’s competitive advantage, offering undeniable pull factors for investors, both foreign and local alike,” he said.

MDEC CEO Surina Shukri, on the other hand, said the DIO is a significant milestone for investment facilitation, which combines MIDA’s global infrastructure with MDEC’s expertise in the digital economy ecosystem to draw high-quality digital investments to benefit local businesses and people, in line with MDEC’s agenda of Malaysia 5.0.

Source: The Edge Markets

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