The Malaysian government has unveiled its plan to rebrand and improve MSC Malaysia 2.0 (MSC 2.0) as the catalyst for the growth of the country's digital economy, said an article from New Straits Times. No further details have been outlined regarding the rebrand.
PM Mustapa Mohamed said in the article that this initiative was decided at the National Digital Economy and Fourth Industrial Revolution (4IR) council's fourth meeting chaired by PM Seri Ismail Sabri Yaakob. Introduced with a new branding, "this initiative aims to address existing gaps, address current challenges as well as enhancing Malaysia's value proposition in attracting more digital investment nationwide", said Mustapa in a statement to the media outlet. Mustapa added that "of December last year, MSC Malaysia has helped the country to achieve a total investment of more than RM384 billion and a revenue of RM588 billion".
According to Bernama, the country has grown into a global digital economic power through the MSC 2.0 initiative, having been ranked among the top three of the Kearney Global Services Location Index since 2004. As a result, the efforts to digitalise the people's economy and popularise the digital economy will continue said Mustapa in the article.
Meanwhile, the Twelfth Malaysia Plan released in September this year addresses the country's effort to rejuvenate economic growth and goal to be carbon-neutral by 2050. In supporting this effort, economic instruments such as carbon pricing and carbon tax will be introduced. Additionally, private sector companies, in particular, would be encouraged to declare its aspiration to achieve net zero carbon emissions by 2050. Among the institutions and companies that have done so include the Employees’ Provident Fund, PETRONAS, Osel Group, Sunway Group, Tai Wah Garments Industries and Sarawak Energy. The Kuala Lumpur City Hall has also announced its aspiration to become a net zero carbon city by 2050.
Another main focus under the Twelfth Malaysia Plan is digitalisation. According to the Malaysian government, the digital economy played a vital role in lessening the impact of the pandemic and sustaining the economy. Hence, the country will focus on providing an enabling environment for the growth of the digital economy, strengthening the provision of digital infrastructure and services, developing future-ready digital talent. All of which, would eventually position Malaysia as the ASEAN digital centre.
Separately, PM Muhyiddin Yassin unveiled a RM150 billion stimulus package in July this year, known as Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (Pemulih), with direct fiscal injection of RM10 billion. Under the stimulus package, an additional RM100 million will be offered under the newly launched Small Entrepreneur Digital Empowerment Programme for SMEs and RM200 million for micro SMEs. This comes as the government seeks to support the digitalisation agenda and encourage cashless transactions nationwide.
(Photo courtesy: 123rf)
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