Under the leadership of Economy Minister Rafizi Ramli, the Malaysian government will be hosting a startup convention soon. The primary objective of this initiative is to help local technopreneurs to grow within the country.
Rafizi emphasized that the development of startup companies holds great importance in speeding up Malaysia’s economic transition toward technology and digital-based industries. The move aims to create a conducive environment for technopreneurs and supports the broader vision of strengthening the venture capital ecosystem.
Furthermore, Economy Minister Rafizi Ramli disclosed additional initiatives with a vibrant entrepreneurial landscape in Malaysia. Among these measures is the gathering of funds from government-linked companies (GLCs), focusing on early-stage investors and startups.
With this, the government plans to empower local talent as technology creators and developers. Simultaneously, the government has promised financial support to local startup companies, with an allocation of RM266 million for this year.
Rafizi Ramli presented the 12th Malaysia Plan (12MP) mid-term review in Dewan Negara. “Among other initiatives (to create more local entrepreneurs) is to gather funding from government-linked companies (GLC), where focus will be given towards early-stage investors and startups to empower more local talent as technology creators and developers,” he stated during the presentation.
The objective is to facilitate the emergence of unicorn-level companies, with RM63.9 million of the allocated funds already disbursed. Rafizi highlighted the importance of helping the venture capital ecosystem as a critical step in expediting the formation and growth of technology-based startups.
Economy Minister Rafizi Ramli also unveiled plans to establish an agency tasked with coordinating research, development, commercialization, and innovation (RDCI) efforts.
Malaysia plans to allocate 2.5 percent of the gross domestic product (GDP) to research and development (R&D) expenditure. Furthermore, the government aims for the private sector to contribute 70 percent of the total R&D expenditure by 2025, emphasizing collaboration between public and private entities in driving technological advancements and innovation.