Malaysia is seeking investments in high technology in line with the country’s goal to provide high income for its people, the country’s Prime Minister stated.
The investments, he said, were necessary to boost the country’s growth. Malaysia is a business-friendly nation and is ready to fine-tune its policies to accommodate investors.
He expressed confidence that British investors would find Malaysia a comfortable investment destination.
The Prime Minister stated that Malaysians were better trained and many were university graduates.
We cannot expect them to do manual work assembling things like we used to. We need them to be engineers who work with new equipment and machinery, and who would be familiar with the need to maintain and repair machines.
Malaysia welcomes high-tech industries into Malaysia with the accompanying high income for its citizens. Currently, the nations are receiving foreign direct investment and have acquired foreign technologies as well.
The Government is looking into methods for securing more information technology and how to exploit new businesses and methods to develop the country.
Speaking at a roundtable meeting with the British business community organised by the Malaysian Investment Development Authority (MIDA) and Malaysia External Trade Development Corporation, the Prime Minister noted that highlighted how Malaysia has shifted its focus from the West to the East, and the fear of marginalisation of smaller countries by bigger nations.
Malaysia also researching FinTech
Another recent report notes that FinTech changes the way institutions provide financial services.
With Malaysia rapidly transforming its processes so as to meet the challenges of a digital era, FinTech is paramount.
The article quoted the Governor of the Malaysian central bank who said that technology could present significant opportunities to reduce the cost of financial intermediation and expand access. The bank sees fintech as a means to enhance competition, increase productivity and fundamentally change the way institutions provide financial services.
The integration of social finance into religious financial services encourages wealth distribution among society to achieve greater balance between wealth creation and wealth sharing.
Ultimately, FinTech in Malaysia should be harnessed to offer inclusive, sustainable and relevant financial products and services to serve the needs of all.
It is important to note, however, that there is a need to be cognizant of the potential risks associated with technology. This will be especially important as FinTech and big tech firms become more prominent in the financial system.
Such firms could pose system-wide vulnerabilities that can amplify shocks to the financial system and cause financial and economic instability.
The government remains committed to procuring high-tech investments
However, despite these concerns, the Malaysian Government will continue seeking high-tech foreign investments.
According to an article, Malaysia remains committed to high-end manufacturing and industrialisation by identifying strategic partners that will help make this country a preferred destination for the high-tech industry players.
The Communication and Multimedia Minister stated that in order to do so, Malaysia must ramp up its efforts to attract research and development (R&D)-intensive foreign direct investments into the country.
This included offering incentives to entice global information technology players to bring revolutionary technology to Malaysia, while at the same time encouraging local small and medium enterprises (SMEs) to invest in R&D and automation, he said at the launch of Dell Digital Labs, here today.
The government was also committed to taking the necessary steps to facilitate and advance the digital agenda.
However, the responsibility to grow and nurture the technology industry should be shouldered by all relevant parties working together to create a vibrant and sustainable ecosystem, not just by one ministry.