KUALA LUMPUR, April 22 — The KL20 Action Plan unveiled today aims to generate an additional RM400 billion in startup valuation by 2030.
According to the action plan document available on the official website of the KL20 Summit 2024, Malaysia's startup journey also aims to achieve an additional RM750 million in annual venture capital (VC) investment by 2030.
Additionally, the country expects to foster up to 3,000 additional active startups, providing over 100,000 high-skilled jobs.
Earlier today, Prime Minister Datuk Seri Anwar Ibrahim launched the KL20 Action Plan paper in conjunction with the inaugural KL20 Summit 2024.
The action plan is a comprehensive roadmap outlining tangible reforms to achieve convergence among key stakeholders — founders, venture capitalists, talent, incubators, and accelerators — to propel Malaysia's startup tech sector to new heights.
Under the action plan, Malaysia envisions offering a vibrant startup community, a large addressable market, funding at all stages, access to talent at all levels, and a seamless business environment.
Meanwhile, Economy Minister Rafizi Ramli said the KL20 Action Plan outlines new initiatives to accelerate critical areas of the startup ecosystem: capital, talent and the quality of startups.
"The ambition is for Malaysia to become the preferred destination for early-stage and growth capital, to be a hub for world-class entrepreneurs and skilled talent, and to be the home for world-leading startups looking to start, grow, and scale," he said in his opening remarks at the summit.
Among other initiatives, the plan includes the VC Golden Pass, the Innovation Pass, the Unicorn Golden Pass, the Graphics Processing Unit (GPU) Scheme, the Innovation Belt, and the Single Window.
Organised by the government and spearheaded by the Economy Ministry, the two-day KL20 Summit 2024, which commenced today at the Kuala Lumpur Convention Centre, was attended by over 3,000 participants, including international investors and startups.
— Bernama
