Pandemic makes digital economy vital, says Mustapa - MIDA | Malaysian Investment Development Authority
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Pandemic makes digital economy vital, says Mustapa

Pandemic makes digital economy vital, says Mustapa

04 Mar 2021

KUALA LUMPUR: Covid-19 has taught many that the digital economy is the way forward for humankind and Malaysia wants its people to be able to catch up with the fast-moving world, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said.

This was why the government decided to introduce the Malaysia Digital Economy Blueprint (MyDigital) with the aim to become a high-value-added economy and a net exporter of home-grown technologies and digital solutions, he said.

Aside from the 500,000 job opportunities and the 22.6 per cent contribution to the country’s gross domestic product (GDP) by 2025 as announced by Prime Minister Tan Sri Muhyiddin Yassin previously, Mustapa said the blueprint is expected to increase digital literacy among Malaysians by 100 per cent.

“We are expecting to see a change in the digital economy landscape through the increase of digital literacy, creation of new and high-income jobs, easier and more organised banking and financial management, better access to virtual education for our children as well as better medical service provided for rural areas.

“For example, in order to start a business these days, it is no longer necessary to rent a store as you can do business digitally or operate an online store through Facebook, Instagram or WhatsApp by promoting your products on these platforms.

“The entire supply chain can be moved/mobilised digitally. This Blueprint is for the people and everything that is outlined in this document is people-centric that will benefit everyone,” he said in a Q&A session on the Malaysia Digital Economy Blueprint.

On Monday, Muhyiddin said mastery of digital technology is essential to elevating Malaysia’s economy while emphasising its significance in driving new engines of economic growth.

According to the prime minister, RM21 billion will be invested through the National Digital Network (Jendela) over the next five years; RM1.65 billion will be invested by telecommunications companies to strengthen connectivity to the international submarine cable network until 2023; RM15 billion will be invested to roll out 5G nationwide over a period of 10 years; and between RM12 billion and RM15 billion will be invested by cloud service provider (CSP) companies over the next five years.

The MyDigital initiative sets out various measures and targets that will be implemented in three phases until 2030.

The initiative will complement the country’s national development policies such as the 12th Malaysia Plan (12MP) and the Shared Prosperity Vision 2030 (WKB 2030).

Source: NST