JULY, KUALA LUMPUR – The Government is looking into increasing the adoption of digital economy in view of the fast-changing requisites for future development said the Minister of Economic Affairs, Dato’ Seri Mohamed Azmin Ali in his opening remarks at the launch of World Bank’s Malaysia Economic Monitor – Navigating Change.
“The adoption of digital technologies across both public and private sectors is essential in enabling growth in labour productivity and creating a conducive business environment for quality investments and innovations.”
The report highlights the potential of the digital economy in ensuring Malaysia’s successful transition to a high income and developed economy. Currently, 80 percent of the Malaysian population has digital access and are among the most digitally-connected citizenry in the world.
“It is the single most important driver of innovation, competitiveness and growth. It holds huge potential for SMEs,” he adds.
However, only 62 percent of businesses are connected to the internet and only 28 percent have a web presence. According to Azmin Ali, various efforts are being undertaken to encourage the utilization of digital platforms. “We must remember that the Multimedia Super Corridor programme was inaugurated by Tun Dr. Mahathir back in 1996, which envisaged the creation of a Special Economic Zone and hi-tech business district. It was intended to leapfrog Malaysia into the 21st century and be the global hub at the forefront of digital economy.”
He adds that with Tun Dr. Mahathir back at the helm today, Malaysia has a second chance to achieve this.
Jack Ma’s Alibaba Group first country office in Southeast Asia is also expected to be a strategic boost to the Digital Free Trade Zone with nearly 2,000 entrepreneurs registered, the export value of SME’s can potentially increase to USD38 billion with the creation of 60,000 jobs by 2025.
