MITI aims for 100 local tech companies with RM1bil revenue by 2030

The ministry of investment, trade and industry (MITI) is aiming to have 100 Malaysian technology companies with an annual revenue of RM1 billion by 2030, according to Deputy Minister Liew Chin Tong. He was speaking at the Motion of Thanks for the Royal Address in the Dewan Rakyat on 12 March.

Don't miss: MITI unveils plans to develop MY's digital economy by 2030 

Liew added that the government will continue to support local companies in research and development, as well as in innovation. This will come in the form of assistance to small and medium enterprises (SMEs) nationwide. 

"Various types of assistance are being provided by MITI and its agencies including financing assistance, advisory services and business guidance to strengthen the SME value chain,” said Liew. 

In addition, Liew said that MITI, through the Malaysian Investment Development Authority, is spearheading efforts to boost collaborations among Selangor, Kuala Lumpur, Melaka and Negeri Sembilan. 

The initiative is aimed at developing joint industrial clusters. Some examples of industrial clusters include the aerospace industry, and global services hub. 

This is just one of MITI's plans for 2030. In June 2023, MITI revealed that the New Industrial Master Plan 2030 (NIMP2030) was being drafted to advance the nation’s economic complexity with Malaysia’s digital economy and its development being a key focus.

The NIMP2030 aimed to complement the New Investment Policy (NIP) through the identification of five sectors that play a role in enhancing the complexity of future exports.

The sectors included aerospace, chemicals/ petrochemicals, digital economy, E&E (including medical devices) and pharmaceuticals.

In addition, plans to develop local businesses have been in the making since 2023. Back in October 2023, minister for communications and digital, Fahmi Fadzil, reportedly called for local businesses to adopt 5G technology as digitalisation continues to grow globally. 

The minister reportedly warned that those who do not adopt 5G technology risk being left behind, as 5G plays a key role in other developed countries around the world, according to The Star.

He encouraged all enterprises to take the opportunity to find new solutions and advanced technologies that will drive the next phase of development for their businesses.

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