The Malaysia Digital Economy Week at Expo 2020 Dubai has garnered RM1.295 billion worth of qualified trade and investments to Malaysia. 

This is derived from 110 business leads, 138 business matchings and 16 Memoranda of Understanding (MoUs) among the 22 participating Malaysian technology companies of the Digital Economy Week delegation to Expo 2020 Dubai, led by the Malaysian Communications and Multimedia Ministry (KKMM) together with Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead digital economy agency. 

Held from 9 to 15 January 2022 at the Malaysian Pavilion of the world expo, the Malaysia Digital Economy Week served as a showcase of Malaysia’s technological innovations and Fourth Industrial Revolution (4IR) solutions, encompassing sectors such as Islamic FinTech and digital ID solutions to animation and video games. The event recorded over 20,000 visitors to the Malaysian Pavilion. 

The RM1.295 billion in qualified investments and 110 business leads garnered have exceeded the initial target of RM300 million in investment potential and 50 leads respectively. An estimated 890 jobs will be created as part of the investment opportunities. 

The Digital Economy Week also marked the soft launch of Malaysia Digital, the enhanced and revamped programme succeeding MSC Malaysia, which has been in operation for 25 years. The new and enhanced initiative will serve to accelerate Malaysia’s digital economy and create substantial digital economic spill-over through equitable access to digital tools, knowledge, and income opportunities. 

Malaysia Digital’s new framework will see – among other improvements – a refresh of the Bill of Guarantees, non-location-based incentives, and an expansion of locations for MSC promoted activities.

Game-Changing Catalytic Initiatives

Under the Malaysia Digital initiative, the Government and MDEC will also be introducing two initial catalytic projects, namely DE Rantau and Digital Trade.

“For 25 years, MDEC has been at the core of developing Malaysia’s digital economy, growing it from zero to contributing 22.6 per cent to the nation’s GDP. The constant evolution of digital technology means that we, too, must evolve with the times. MDEC is currently undergoing a transformation initiative to strengthen our organisational performance and efficiency, ensuring higher employee innovation and productivity, and working towards strategic targeted goals. At the same time, it is vital for us to ensure the same efficacy and relevance to the people and industries through Malaysia Digital and our future endeavours,” stressed Mahadhir Aziz, CEO of MDEC.  

The Digital Economy Week is part of the 26 weekly thematic trade and business programmes organised by the Malaysia Pavilion for Expo 2020 Dubai. Malaysia's participation in the world expo is spearheaded by the Ministry of Science, Technology, and Innovation (MOSTI) with the Malaysian Green Technology and Climate Change Corporation as the implementing agency.

Attracting High-Value Investments

About 20 local technology companies from Malaysia participated during the week, showcasing the breadth and depth of the country’s digital ecosystem to the world at the world expo. These companies hailed from areas that MDEC has helped nurture, including FinTech, DroneTech and Digital Creative Content. 

"The expo has attracted more than 11 million visitors since its opening. We are firing on all cylinders to showcase Malaysia's world-class digital innovations, solutions, products and services to the world and we are eager and ready to receive them to our beautiful country," said Mahadhir.

Expo 2020 Dubai is a window of opportunity for Malaysia to measure itself against other nations in terms of technological development.

Connectivity a Key Aspect in Achieving Aspirations

YB Tan Sri Datuk Seri Panglima TPr Haji Annuar bin Musa, Minister of Communications and Multimedia Malaysia described his meetings with foreign firms as an “eye-opener” to encourage more local companies to venture into the global market, specifically in the field of innovation, creativity and areas involving the digital economy.

He also had several meetings with representatives from Sweden, Slovenia, and Australia at the Expo, including Ericsson director of marketing Jason Selen. Following the discussions, he identified that Connectivity is the key aspect in achieving Malaysia’s aspirations of becoming the Digital Nomad Hub of choice in the region, a programme included in Budget 2022.