Malaysia Identifies New Opportunities for Public-Private Investments
On April 17, Malaysia’s Minister of Communications and Digital Fahmi Fadzil announced that the government has identified RM1 billion worth of potential public-private investments in the Malaysia Digital Catalytic Program (Pemangkin). The investments will target nine digital sectors: trade (US$7.84 million), agriculture (US$6.72 million), content (US$5.60 million), health (US$3.58), cities (US$3.58 million), tourism (US$2.24 million), services (US$1.56 million), finance (US$0.4 million), and Islamic finance (US$0.4 million). Through the Malaysia Digital Economy Corporation (MDEC), RM238 million (US$53.32 million) will be allocated from 2023 to 2025 to support new initiatives under the program. RM143 million (US$32.04 million) will be allocated for public investments, R45 million (US$10 million) will be allocated for tech enablers, and RM4.9 million (US$1.09 million) will be allocated for grants. Grants are expected to be issued as early as May, and initiatives for each sector are expected to be announced in phases. The program seeks to bolster Malaysia’s digital economy, resulting in the creation of an estimated 49,000 new jobs.