MIDA: RM162b in digital investments approved as of March 2024 - MIDA | Malaysian Investment Development Authority
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MIDA: RM162b in digital investments approved as of March 2024

MIDA: RM162b in digital investments approved as of March 2024

26 Jun 2024

The Digital Investment Office (DIO) has approved a total of RM161.97 billion of digital investments from the period of its establishment in 2021 until March 2024, according to the Malaysian Investment Development Authority (Mida).

Mida deputy chief executive officer of investment promotion and facilitation Sivasuriyamoorthy Sundara Raja said this milestone has already surpassed the RM70 billion digitalisation investment target set as part of the Malaysia Digital Economy Blueprint (MyDigital) strategies for 2025.

He noted that one of the areas in which the country has excelled in attracting investments is in hyperscale data centres.

“Malaysia has thrived largely due to its early adoption of cutting-edge technologies and innovative business models that drive broader growth.

“The digital economy has enabled companies to gain access to new markets and opened multiple possibilities to trade by facilitating the seamless flow of goods, services, and data across borders,” he said during a keynote address at the Asean Business Forum 2024 here Wednesday.

According to Sivasuriyamoorthy, in the economic space, Malaysia and Singapore have substantively concluded a framework of cooperation in the digital economy and green economy.

He said the digital economy framework will further empower businesses to digitally integrate their operations globally, hence enhancing economic competitiveness.

“The country is implementing pragmatic investment strategies and criteria for institutions and economies, including rapid technological breakthroughs and broad digitalisation.

“This is key to our continued relevance as an international hub for transport, business and finance,” he added.

Source: Bernama