Malaysia eyes digital economy boom with RM130bn investment target by 2025

Malaysia is striving to become an Asian digital tiger over the next decade, with a focus on attracting talent and expertise in data and technology, according to Communications and Digital Minister Fahmi Fadzil. Addressing around 100 Malaysian students in London, Fahmi highlighted the importance of the digital economy, which is expected to contribute at least one-fourth of the nation’s economy in the future.

“The digital economy is a big part of our future. We’re getting a lot of big investments almost every month. Just a few days ago, a company from Australia invested RM3 billion for a data centre in PJ. The week before a US company also committed RM3 billion,” Fahmi said, emphasising the rapid transformation of traditional jobs and the increasing importance of digital aspects in various fields of work.

Malaysia has set a digital investment target of RM130 billion by 2025, which would account for 25.5% of the country’s gross domestic product. Fahmi urged the students to consider returning to Malaysia after their studies to contribute their skills and experience to the nation’s development.

“After studies, many of you would have to choose either to stay or return. If you stay, make full use of the opportunity. Study hard and one day bring that talent and experience back to Malaysia. Come back and help Malaysia,” he said.

Currently, there are approximately 12,500 Malaysian students studying in the UK. Fahmi is in London leading the Malaysian delegation to London Tech Week, which is expected to attract around 30,000 delegates throughout the week. UK Prime Minister Rishi Sunak and the Mayor of London, Sadiq Khan, will officially open the event.

During his visit, Fahmi is also scheduled to witness the signing of over 10 memoranda of understanding (MoUs) between Malaysian and international companies on Tuesday.