According to a recent report, four British tech firms will be investing in Malaysia. The move will shore up bilateral trade ties between the two countries.
Their investment was jointly announced by Malaysia’s Communications and Multimedia Ministry and the UK Department for International Trade.
The Communications and Multimedia Minister welcomed the UK tech investments as Malaysia seeks to move forward with Industry 4.0 and is keen on new technology like artificial intelligence (AI), robotics and cybersecurity.
It was noted that collaboration in the area of technology is incredibly essential, not only to aid economic growth in Malaysia but also to help encourage innovation and productivity.
It is hoped that these investments will open up prospects for businesses in both countries and help ensure we maximise the benefits of technology for our societies and nation.
The UK Trade Commissioner for the Asia Pacific also voiced her confidence in the Malaysia tech scene. She stated that the announcement reflects a step change in our tech partnership with Malaysia as we tackle the opportunities and challenges of the future together.
Malaysia and the Asia Pacific as a whole are one of the most exciting tech ecosystems in the world. Further and more ground-breaking, game-changing tech firms are expected to choose Malaysia to expand into and grow in.
The announcement came following the Malaysian Minister’s visit to the UK in February 2019 where he led a delegation consisting of senior representatives from the Malaysian Multimedia and Communications Commission, Malaysia Digital Economy Corporation and the National Cyber Security Agency.
The three-day visit saw the Malaysian delegation having a series of high-level meetings with the government, industry and academia, to share best practice and explore collaborations in AI, cybersecurity, 5G and creative content.
Malaysia government driving tech efforts
Malaysia’s Communications and Multimedia Ministry and other governmental agencies have been working to push technology application in Malaysia.
For example, OpenGov Asia reported that the Malaysia Innovation Policy Council (MIPC) was established in September 2018 to serve as the platform for the private sector to propose digital tech initiatives that come with policy and regulatory challenges that hinder innovation and digital economic growth for the country.
More recently, the Minister announced the establishment of HLX, Malaysia’s first innovation exchange, in Kuala Lumpur. HLX is backed by strong and powerful investors. It will be a one-stop facility that converges the corporate and start-up communities under one roof to accelerate innovation and boost the Malaysian start-up ecosystem.
In addition, another report notes that the Malaysian Government’s aim is to grow Malaysia’s digital industry via inclusivity.
A forum, which was organised by a management consulting firm in partnership with a major Malaysian media group, and a leading strategy and leadership institute aimed to inspire Malaysians from all walks of life to think about digital entrepreneurship, according to its co-founder.
As the Malaysian Government and its partners work to manifest the Fourth Industrial Revolution in all its glory, the focus is on steering the nation’s economy towards a meritocracy. Help in the form of investments and information exchanges are welcomed and it is expected that Malaysia will go far with the added boost of collaborative efforts the UK will be part of.