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Teo: Malaysia actively encouraging investments in emerging technologies

Teo: Malaysia actively encouraging investments in emerging technologies

29 Jun 2023

Malaysia is actively encouraging investments in emerging technologies such as fintech, e-commerce, and digital health, said Deputy Communications and Digital Minister Teo Nie Ching.

She said Malaysia had established regulatory sandboxes to foster innovation and provide a safe space for testing new ideas.

“The government has also introduced various incentive programmes and grants to support tech start-ups and attract foreign direct investment,” she said in her keynote address titled “Technology Driving Change” at the Mobile World Congress (MWC) Shanghai 2023.

The MWC Shanghai 2023 is being held from Wednesday till tomorrow 2023, at the Shanghai New International Expo Centre, and sees the participation of about 300 exhibitors, including global players such as Huawei.

Meanwhile, Teo said collaboration was the key to fully realising the potential of tech and digital investments in Asia.

“We welcome partnerships and collaborations with international tech companies, investors, and innovators.

“By working together, we can leverage our collective strengths, share knowledge, and drive transformative change across industries,” she said.

According to Teo, companies that establish their presence in Malaysia would be able to tap into Asia’s vast market and leverage Malaysia’s strategic location to expand further into neighbouring countries.

She said the digital economy is one of Malaysia’s primary economic pillars, contributing 23.2 per cent to the country’s gross domestic product (GDP) in 2021.

“This figure is projected to rise to 25.5 per cent by 2025,” she added. 

Source: Bernama