Malaysia secures over RM37.4bn in investments to boost digital economy

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Malaysia has secured over RM37.4 billion in investment commitments in the digital technology sector, according to Fahmi Fadzil, the country’s Communications and Digital minister.

Speaking at the Malaysia Digital Expo (MDX), Fadzil reportedly said that this inflow of investments promises the creation of at least 15,895 high-value jobs. This, he added, is a reflection of foreign investors’ confidence in Malaysian Digital, which is the national strategic initiative driving the digital economy.

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According to The Edge Malaysia, Minister Fahmi referenced the memoranda of understanding that Malaysian Prime Minister Anwar Ibrahim had signed that was worth nearly RM20 billion. He stated that the signing solidifies Malaysia’s position as an attractive destination for investments.

The first MoU is reportedly worth RM15 billion and was inked between Citaglobal and Shanghai Sus Environment in a bid to explore a potential collaboration for developing waste-to-energy power plants in Malaysia.

The second MoU, worth RM2.34 billion, was signed between PM Access World and Beibu Gulf International Port Group, in order to increase warehousing and logistics cooperation between the two companies in supporting the international land-sea trade. This in turn is expected to promote economic and trade cooperation between Guangxi and Malaysia.

The final MoU, worth RM2.5 billion, was inked between Sime Darby Oils International and Guangxi Beibu Gulf Port Group to build a trading and distribution centre for refined palm oil and shortening in Qinzhou.

Earlier this year in August, Malaysia also secured a digital economy sector investment commitment of RM5.2 billion from China and Singapore. Minister Fahmi took to his Twitter page to announce the split in investment. In it, he noted that China has invested RM3 billion while Singapore has invested RM2.2 billion.

This marks a significant improvement in investment numbers from 2022 to 2023 where in the first half of 2023, KKD reportedly raked in RM 28.4 billion which is more than thrice its collections in the first half of 2022, where it only raked in RM7.5 billion. “This means, there is an increase of 279% compared to the same period last year,” Fahmi said.

The digital economy is also one of the main focuses of its New Industrial Master Plan 2030 (NIMP2030), which is being drafted to advance the nation’s economic complexity.

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