By Danial Dzulkifly
PETALING JAYA, 17 Aug – Malaysia's multilingual, skilled, resourceful, and adaptable workforce makes the country a "hotbed" for startup companies to establish their base, says Digital Minister Gobind Singh Deo.
The country is now moving to establish complex industries in artificial intelligence, cybersecurity, Web 3.0, and advanced 5G spaces.
He said the focus now is to create a more robust financing pipeline for startups, including providing more skilled workers based on industry needs.
"Now we are not talking of just building industry here, we are talking of building and subsequently, of course, ensuring that our talent moves regionally and then to the global stage.
"With the increase in rapid technological advancements, shifting consumer patterns, behaviour and intense global competition, the global landscape is definitely challenging.
"However, within these challenges lie immense opportunities, and it is our startups as well as small and medium enterprises that are best positioned, we think, to seize these opportunities,’’ Gobind said in his keynote speech during the PJ Startup Festival 2024 at the Sterling Mall today.
The minister added that Kuala Lumpur has been recognised as among the top 30 emerging ecosystems in the Global Startup Ecosystem Report 2024, generating over RM220 billion in ecosystem value in the past three years.
The strong ranking highlights the country's success to foster a vibrant environment for tech companies, startups and investors.
Gobind said the strong ranking highlights the country's success in taking steps to create a vibrant environment for tech companies, startups as well as attracting investors.
Among the key agency involved in making this effort a success is the Malaysia Digital Economy Corporation or MDEC, which has facilitated 262 funding deals worth US$402 million (RM1.77 billion) between 2020 and 2023.
Similarly, the Selangor Information Technology & Digital Economy Corporation (Sidec) plays a role in helping startups in the state.
A key initiative under Sidec is the Selangor Accelerator Programme or SAP, which is a structured three-month programme that aims to assist startups in the early stage.
