ON June 5, the federal government introduced the short-term revival plan (Penjana) to empower folks, propel companies and stimulate the economic system within the wake of the devastating affect of the Covid-19 pandemic. It has 40 initiatives price RM35bil, of which RM10bil is a direct fiscal injection by the federal government.
Among the many key initiatives are:
> RM100mil for the Nationwide Know-how and Innovation Sandbox to discover new applied sciences and improvements;
> A nationwide fund price RM700mil to drive the digitalisation of companies and innovation;
> RM75mil to draft insurance policies associated to the so-called gig economic system; and
> Allocation for a nationwide “Purchase Malaysia” marketing campaign to encourage consumption of native merchandise and a devoted e-marketplace platform for such merchandise.
The institution of the Nationwide Know-how and Innovation Sandbox offers us a possibility to speed up growth of native applied sciences, services. It might enhance know-how utilization, which might assist to speed up financial restoration, present different procurement routes for native options, act as a platform and assembly place for the federal government and personal sector and make sure the interplay of issues and modern options.
We imagine these initiatives will assist to speed up superior know-how adoption and remodel Malaysia right into a hi-tech nation.
The hi-tech trade has been a key contributor to the nationwide economic system, contributing US$90.3bil price of exports in 2018 (52.eight% of complete manufacturing exports). As compared, electrical and digital merchandise comprised 38% of 2018 export values.
Malaysia has achieved double-digit progress in high-tech exports for the final two years, with year-on-year progress of 17.2% in 2017 and 22.zero% in 2018.
In 2017, Malaysia was ranked the 11th largest exporter of high-tech merchandise on the earth (when it comes to export worth), up by one place from 2016.
The significance of the hi-tech sector, particularly digital applied sciences, has been most obvious through the Covic-19 disaster when digital instruments and platforms grew to become enablers to mediate the consequences of social distancing insurance policies enacted below the motion management order.
Folks, companies and governments grew to become digital by default, opening up alternatives in native and regional markets the place current companies had been digitalised and new digital choices had been created to satisfy rising demand.
Whereas sure sub-segments below the hi-tech and digital economic system have benefited from the disaster (e.g. content material consumption and grocery deliveries), the bigger conventional non-digital economic system must play catch-up to grab the chance and guarantee resilience within the new regular. Authorities will play a vital function in serving to residents, companies and traders to rework and profit from digital economic system.
The hi-tech and digital tech sector positions our nation as a hi-tech nation. Native economies profit from the worldwide attain that our firms create and the worldwide funding they entice. They’re able to do that by harnessing the world class expertise this nation presents, which permits them to take their Malaysian services world.
Clusters constructed round synthetic intelligence (AI), machine studying, cyber safety and fintech are supporting progress, jobs and productiveness in communities massive and small. Backing the industries of the longer term is a key a part of our fashionable industrial technique to construct a extra resilient economic system.
Each entrepreneur, innovator and employer within the tech sector and past might help make this occur. Collectively, we will construct a stronger and fairer nation. We will do that by guaranteeing that we proceed to be a hub on the worldwide stage, and related with our fellow innovators.
DR RASLAN AHMAD
Malaysian Business-Authorities Group for Excessive Know-how (MIGHT)