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Against the Headwinds: How Malaysia’s Stable Economy is Attracting New Investments
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January 18, 2023 News

 

Written by: Khairul Haqeem, Journalist, AOPG.

The international economy is suffering headwinds, and it’s no secret that things are tough out there. Still, despite the overall gloom, Malaysia stands out as a potential bright light.

The country’s economy is stable, with modest growth that is ready to attract new investors despite predictions of a worldwide recession in 2023. It’s not just wishful thinking; the data support this optimistic outlook.

Over the next few years, the Malaysian Digital Economy Corp (MDEC) plans to accomplish a number of noteworthy goals. The group’s goal for the year 2025 is to bring in RM49 billion (about USD $12.75 billion) in digital investments while also adding 49,000 people to the workforce. No easy task, but MDEC is certain it can pull it off.

During our recent meeting in Cyberjaya, CEO Mahadhir Aziz expressed confidence in the future of digital investment, stating, “We are excited about the possibilities of digital investment development, particularly in the sector of data technology and related services.” MDEC’s stated mission is “to attract high-value digital investments,” with secondary goals of fostering the growth of Malaysia’s indigenous tech industry and accelerating the country’s transition to digital media.

What, therefore, is the source of such confidence? The reopening of China’s borders, for one, is widely anticipated to have a significant positive impact on the country’s economy. New investments are anticipated to come into the nation as more individuals and companies begin travelling and dealing again.

Nevertheless, it isn’t the only factor that has MDEC optimistic. In addition, by the end of the second quarter of this year, the group hopes to have introduced an ESG framework for the digital economy ecosystem. The goal of the MDEC is to create a digital economy that benefits all parties by encouraging more businesses to embrace sustainable practices using a framework based on the United Nations Global Compact (UNGC) standard.

We will have the programme, structure, and arsenal for the rest of the digital economy ecosystem to follow, as Mahadhir put it.

It was indicated by MDEC’s CEO Mahadhir Aziz that the company may explore the metaverse in addition to digital investments. He cited the Malaysian Animation Cinematic Universe, which includes shows like Boboiboy, Mechamato, and Ejen Ali, all of which take place in various universes but are brought together by the use of the metaverse so that its characters may interact with one another. The success of Mechamato in Japan is evidence that this creates fascinating new chances for local talent.

To that end, we are investigating the potential for a foray into the metaverse, a space where parallel worlds meet and interact with one another. “We have witnessed the success of Mechamato in Japan, and this opens up a whole new universe of opportunity for local talent and content makers,” said Mahadhir Aziz.

This foray into the metaverse has the potential to revolutionise Malaysia’s digital economy, and its progression will be fascinating to see.

So, while the world economy is having some struggles, it is obvious that Malaysia is not a part of the pattern. The country is prepared for any eventuality thanks to its heavy emphasis on digital investments and environmentally friendly policies. And that’s something that traders should pay close attention to.

The Malaysian Digital Economy Coordination Board (MDEC) is upbeat about the future of digital investment in the country, even if a worldwide recession is possible in 2023. Investments, new employment, and economic growth are anticipated as a result of Malaysia’s ESG framework for the digital economy ecosystem and the reopening of its borders to Chinese trade.

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