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MY expected to allocate more funds to startup ecosystem in Budget 2024

MY expected to allocate more funds to startup ecosystem in Budget 2024

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Malaysia’s Ministry of Science, Technology and Innovation (MOSTI) is reportedly planning to improve the country’s startup ecosystem, emerging technology and education for Science, Technology, Engineering and Mathematics subjects under the 2024 budget.

At the officiation at the Malaysian Technology Development Corporation’s (MTDC) Technology Conference and Exhibition (MTCE 2023), MOSTI minister Chang Lih Kang explained that the first key area that has been proposed to be included in the budget is increased funding for the startup ecosystem, according to Bernama.

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Minister Chang is also looking to develop advanced and high-quality technology while focusing on inculcating STEM education in the country. These areas have been proposed to be included in the budget but no specific details were revealed as it has yet to be finalised by the Finance Ministry.

At MTCE 2023, Minister Chang also highlighted the importance of technology's role in driving sustainability and beneficial investments in Malaysia, according to a statement by the organisation.

Mohammad Hazani Hj Hassan, CEO of MTDC also added that MTDC will aid in exploring the potential of SMEs in Malaysia. It will also assist in ensuring deep tech and venture capital sectors get the full benefits in line with Malaysia's technological developments.

Along with the proposed areas for Budget 2024, he also affirmed that the budget will align with the government’s target to have 1.5 million electric vehicles (EVs) by 2040.

By 2025, Malaysia expects to have 10,000 charging stations despite the current low adoption of EVs in the country, added Minister Chang. Budget 2024 will be tabled in Parliament on 13 October 2023.

Allocation of next year's budget for these areas is promising as Malaysia has already secured over RM37.4 billion in investment commitments in the digital technology sector, according to Fahmi Fadzil, the country’s Communications and Digital minister.

Speaking at the Malaysia Digital Expo (MDX), Fadzil reportedly said that this inflow of investments promises the creation of at least 15,895 high-value jobs. This, he added, is a reflection of foreign investors’ confidence in Malaysian Digital, which is the national strategic initiative driving the digital economy.

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