KUALA LUMPUR: Budget 2024 is set to ignite Malaysia’s digital economy and propel the country into new digital frontiers, said the Malaysia Digital Economy Corporation (MDEC).
In a statement, MDEC said that in line with the recently unveiled New Industrial Master Plan 2030 (NIMP 2030), Budget 2024 introduced comprehensive measures to support targeted startups, micro, small, and medium enterprises (MSMEs), and entrepreneurs on their digitalisation journey.
“This includes enhancing ongoing efforts with financing tools, matching grants, funding support, capability development, and mentoring programmes to accelerate digital adoption.
“These strategic enhancements, complemented by the supportive framework of NIMP 2030, featuring tax incentives for ‘high growth, high value’ companies and streamlined funding mechanisms for international investors in the manufacturing and electrical and electronic sectors, will lead to a surge in career opportunities within the digital economy,” it said.
MDEC welcomed the RM165 million allocation to bolster MSMEs through initiatives such as digital grants, the Shop Malaysia Online programme for online businesses, and the expansion of Digital Economic Centers (PEDi) across all state assemblies.
“This allocation aligns with MDEC’s overarching goal of enhancing competitiveness through automation and digitisation, catalysing business growth,” it said.
On another note, MDEC said the initial allocation of RM20 million for pioneering research and development of artificial intelligence (AI) at the University of Technology Malaysia (UTM) marked a promising stride towards nurturing talent for AI development and digital content production.
On incentives, it said the RM30 million allocation would serve as a catalyst for global game developers based in Malaysia, encouraging the creation of new local intellectual properties (IPs).
“An additional RM60 million has been allocated to the Digital Content Fund, dedicated to promoting local IPs that celebrate Malaysian culture and content,” MDEC added.-Bernama
