KUALA LUMPUR: Digital investments approved by the Digital Investment Office for 2021 to 2025 have more than doubled the target, with RM161.97 billion from 2021 to March 2024, said Malaysian Investment Development Authority (Mida) deputy CEO (investment promotion and facilitation) Sivasuriyamoorthy Sundara Raja.
He said Malaysia had set a RM70 billion digitalisation investment target by 2025 as part of the Malaysia Digital Economy Blueprint.
“The foundations of this growth were laid in 2021 with the unveiling of the Malaysia Digital Economy Blueprint and the establishment of the Digital Investment Office, charged with smoothing the way for more investment in the digital economy,” he said in his keynote address at Asean Business Forum 2024 today.
Sivasuriyamoorthy, a long-time advocate of Asean unity, said Malaysia will leverage its diplomatic influence to deepen economic ties within the region and strengthen partnerships with key global players.
“Our approaches toward economic integration in our respective regions have been different, owing to our differing historical evolution, regional context, and motivation.”
He said Malaysia’s active participation in regional economic frameworks such as the Asean Economic Community and initiatives like the Regional Comprehensive Economic Partnership reinforces the country’s position as a gateway to Southeast Asia.
“These frameworks facilitate trade liberalisation, market integration, and greater economic cooperation among Asean member states and global partners. We have taken a calibrated and balanced approach, which has enabled us to ride the winds of globalisation and benefit from the growth of the global economy.”
Sivasuriyamoorthy said initiatives such as National Investment Council, Investment and Trade Coordination Action Committee and Invest Malaysia Facilitation Centre have been pivotal in ensuring that approved investment projects are implemented in a timely manner.
“Our primary focus will be on the comprehensive implementation of all government initiatives and mandates to achieve the desired outcomes aligned with the national agendas namely 12th Malaysia Plan, Madani Economy Framework, New Industrial Master Plan 2030, National Energy Transition Roadmap and National Semiconductor Strategy.”
Within Southeast Asia, he said, Malaysia wants to build a single digital community that is vibrant and attractive. “The Asean Digital Masterplan 2025 describes eight outcomes from connected infrastructure to trusted digital services, and these are steps to reinvent our region into a leading digital economic bloc.”
Sivasuriyamoorthy said sustainability is another area presenting new economic opportunities for Malaysia and Asean.
Looking to the future, he said Malaysia will continue to leverage on its own and other Asean member nations to tap on the growing opportunities. “Ultimately, our willingness to build strong partnerships and cooperate in mutually beneficial areas will help us to build an open marketplace in every aspects of economy,” he added.
