KUALA LUMPUR: The government is looking to make it easier for both domestic and foreign investors to do business in Malaysia.
International trade and industry minister Tengku Zafrul Aziz said the strategy to achieve that objective is part of a new industrial master plan 2030 (NIMP2030) that will be unveiled later this year.
He said Malaysia’s robust intellectual property protection framework and the rule of law already ensure that innovations and investments are protected.
“The NIMP2030 will seek to enhance all these advantages and better position Malaysia as the gateway to Asia,” he said in his speech at the AWS Malaysia Cloud Day conference here today.
Tengku Zafrul said his ministry and its agencies, such as the Malaysian Investment Development Authority (Mida) and InvestKL, would continue to play a role in attracting quality digital investments.
The objective, he said, is to create more value and opportunities for growth via data and cloud-based technologies, as well as to generate high-paying jobs for Malaysians.
These investments, he said, were important in creating spillover effects for small and medium enterprises (SMEs) in Malaysia.
“They can become world-class (companies) by being part of the vendor ecosystem of multinationals such as Amazon Web Services (AWS),” he said.
He was referring to the cloud computing unit of Amazon.com Inc that has just announced plans for a RM25.5 billion investment over the next 15 years in Malaysia.
Tengku Zafrul said he has been informed that eventually, 80% of the local workforce of AWS will comprise Malaysians.
“The partnership between the government and AWS has all the makings of a very promising future supporting Malaysia’s economic development while also fulfilling the nation’s digital ambitions,” he added.
According to Tengku Zafrul, Malaysia is rapidly emerging as the digital hub of Asean thanks to a few factors, namely its highly developed ICT infrastructure, including high-speed internet connectivity and a well-developed telecommunications network, that provides a conducive environment for digital innovation and growth.
Secondly, he said, the country boasts a large pool of tech talent, with graduates majoring in key subjects such as computer science, electrical engineering, and data science.
“Malaysia’s skilled and diverse workforce makes it an alluring destination for companies seeking to enhance their digital capabilities and regional footprint,” he said.
Tengku Zafrul said from January to September, Malaysia successfully attracted almost RM194 billion worth of approved investments.
Source: https://www.freemalaysiatoday.com/category/business/2023/03/02/move-to-ease-business-procedures-on-the-cards/