KUALA LUMPUR: Malaysia can leverage much of the cumulative intellectual property it has developed in Islamic finance, oil and gas services, tourism and industrial agriculture to support innovative new business models, particularly in digital start-ups.
According to Malaysia Digital Economy Corporation (MDEC) chairman Datuk Wira Rais Hussin Mohamed Ariff, the powerful technologies of the Fourth Industrial Revolution (IR4.0) presented many new opportunities to leapfrog legacy systems.
“Ironically, those with the most developed economies often have the most to lose by disrupting them, thereby opening up space for others more amenable to embracing disruptive change,” he said in a statement today.
He noted that the Malaysian government via MDEC has embarked on a slew of initiatives to spur the digital economy and bridge the digital divide for all.
“These efforts are starting to pay off — the digital economy is estimated to contribute over 20 per cent to the nation’s gross domestic product by 2020.
“They would also serve us well to recognise the niche areas where we can swiftly catch up and overtake our peers,” he said.
As MDEC works towards its vision of Malaysia 5.0, where the interplay of technology and society is complementary and inclusive, Rais Hussin said it is logical that collaboration with all stakeholders will be key to achieving it.
“No one organisation can do it alone, so deep collaboration across society will be key,” he added.
According to him, the shock of the pandemic had given the world an opportunity to reset and re-build systems that are currently in place for a more sustainable and inclusive society and economy.
“The current crisis also exposed the massive inequalities in the current economic systems, highlighting that a proper and sustainable recovery for the long-term needs to be inclusive,” he added. – Bernama
