UK, Malaysia dial up digital economy partnership

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25 Nov UK, Malaysia dial up digital economy partnership

National ICT agency Malaysia Digital Economy Corporation (MDEC) said a delegation of business leaders and technology companies from the UK are visiting Malaysia this week to discuss partnership opportunities with MSC status companies.

MDEC’s chief executive officer Dato’ Yasmin Mahmood said this effort, which focused on cross-cutting technologies, has been co-organised as part of a UK Technology Trade Mission by the UK Department for International Trade (DIT).

She said the mission also allowed for both the UK and Malaysian companies to either meet one-on-one or participate in panel discussions. There will also be business matching opportunities in partnership with MDEC on the second day of the trade mission.

“Trade ties in the digital economy space will be the catalyst to take the strong historical cultural and economic ties that Malaysia and the UK have enjoyed to the next level,” said Yasmin.

“Currently, Malaysia’s digital economy contributes 17.8 percent to Malaysia’s overall GDP and is set to hit its target of 18.2 percent by 2020,” she said.

“In fact, the Government, through the 2017 Budget, has identified Malaysia’s digital economy as one of the key initiatives to pursue,” added Yasmin.

Through strategic collaborations with key trading partners such as the UK, we will be able to realise the full potential of Malaysia’s digital economy,” she said.

UK innovation

“Furthermore, the private sector, being a driver of employment and agent for change via the transfer of knowledge, is crucial to the process of an inclusive and sustainable economic growth,” said Yasmin. “This trade mission is a platform to help and provide opportunities for businesses from both countries to collaborate and enhance business and talent capabilities.”

Paul Rennie OBE, deputy British High Commissioner to Malaysia, said, “The UK and Malaysia are stepping up bilateral co-operation across various fields, particularly in the technology sector.”

“With one of the largest and fastest-growing technology sectors in the world, the UK can share expertise with Malaysia in sub-sectors like Artificial Intelligence; Big Data Analytics; Cloud; Communications; Electronic Systems; and Sensors. British companies, like those on this trade mission, have a global outlook and are keen on working with Malaysian partners on the country’s digital economy transformation,” said Rennie.

He encouraged UK companies to tap Malaysia’s ICT ecosystem and also consider the country as a gateway to ASEAN’s emerging markets.

He added the UK was “one of the world’s leading and most innovative technology markets that over the past five years has benefited from the rapid growth across many technology subsectors. As it stands, Malaysia is the UK’s second largest trading partner in the ASEAN region with bilateral trade reaching £4.4 billion (RM25.6 billion) in 2015.”

This mission builds on a recent Memorandum of Understanding (MoU) signed in June 2016 between MDEC and the UK’s DIT, which will see both countries jointly promoting the adoption of Digital Economy solutions, particularly in the areas such as Internet of Things (IoT), Cloud, Big Data Analytics (BDA), Cybersecurity, e-Commerce and Fintech. Collaboration and partnership opportunities in the areas of artificial intelligence will also be explored through the academia and industry platforms.

 

Source: MIS Asia

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