The government plans to make Kuala Lumpur a regional hub for startup companies and the digital industry to boost the country’s digital economic activities.
Economy Minister Rafizi Ramli said the digital economy is one of the three high-value strategic sectors to be focused on by the government.
He said it could stimulate investment and offer high-paying jobs to the people that the ministry is focusing on in restructuring the national economy.
He adds this includes boosting existing industries such as semiconductors, manufacturing, oil and gas, and commodities to the higher value chain level.
It will also involve higher value downstream activities as well as the three strategic sectors the Economy Ministry focusing on, which are energy transition towards renewable energy, digital economy and food security, Rafizi said.
He said the ministry is also collaborating with other ministries involved in the digital economy ecosystem, namely the Science, Technology and Innovation; Communications and Digital; and the Investment, Trade and Industry ministries, to boost the country's digital economy.
Rafizi said such collaboration is necessary to coordinate public support system implemented through various agencies towards an integrated approach (single window approach) to improve the digital ecosystem.
“This will increase the number and performance of startups as well as accelerate the transition of the private sector to the digital economy,” he said in a statement.
Rafizi said the cooperation with the involved ministries also aims to start developing concepts and coordinating functions between government agencies towards implementing the digital government (govtech).
Such a move, he said, produces integrated data-based and digital public service products (single window's govtech).
“One key step to achieving these two targets is to increase the attractiveness of Kuala Lumpur as a centre for startup companies and the regional digital industry to attract investment and digital talent to the country.
" It requires aggressive policy changes that cover various areas, including consolidation of government agencies efforts.
“A more efficient and open work visa process, more attractive digital incentives and the production of workforce in the digital industry on a national scale,” he said.
Discussion with Selby
According to Rafizi, while attending the Qatar Economic Forum recently, he had the opportunity to discuss with Jack Selby, an early employee of PayPal, along with company founding members such as Elon Musk, Peter Thiel and Reid Hoffman.
“This group of PayPal founders became the main force that moved the digital industry from the Silicon Valley through their involvement in well-known digital companies including Tesla, SpaceX, Youtube, Facebook, LinkedIn and OpenAI,” he explained.
Rafizi said Selby, now the managing director of Thiel Capital and originator of the Arizona Technology Innovation Summit, also expressed interest in helping Malaysia develop Kuala Lumpur as a regional centre for startups and the digital industry.
“I was interested in partnering with him in the digital field because of his efforts to develop Arizona as a new centre for startups outside of Silicon Valley.
“After a career in Silicon Valley, he returned to his home state of Arizona and developed Arizona as a new centre for startups, which has now succeeded in attracting startup companies.
“His expertise will help the country formulate policies that are more friendly to startup companies and create collaboration networking in the digital field that will boost Kuala Lumpur’s name as the main destination for the digital industry in the region,” he said.
He said specific policies and initiatives would be announced in stages to make Kuala Lumpur an attraction for regional startups.
-Bernama
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