Malaysia Digital Economy Corporation (MDEC) is set to revamp and rebrand the MSC Malaysia initiative as it marks its 25th anniversary this year.
Chief executive officer Mahadhir Aziz said the new and improved MSC will seek to accelerate participation in the digital economy and address the concerns on the widening digital divide by providing equitable access to digital tools, knowledge and income opportunities enhancing Malaysia’s value proposition to attract more digital investments.
“MSC Malaysia has been the foundation and catalyst of Malaysia’s digital economy, contributing 22.6 per cent to the country’s Gross Domestic Product (GDP) in 2020 in just 25 years.
“The fast-evolving landscape of today’s digital economy requires a reboot of the MSC to remain relevant and ready to boost the economic recovery of Malaysia.
“The enhanced MSC will drive the development of the nation’s digital economy, in line with the Malaysia Digital Economy Blueprint (MyDIGITAL), as well as bring us closer to the goals set forth by the 12th Malaysia Plan (12MP), which targets the digital economy contributing 25.5 per cent to the national GDP by 2025,” he said in a statement today.
MDEC, through MSC has attracted 2,794 active MSC-status companies, which have collectively brought in RM384 billion worth of investments and created 184,030 jobs since 1996.
As of December 2020, these companies have a total of RM588 billion in revenue and RM212 billion in exports generated.
Mahadhir said the enhanced MSC will work towards addressing gaps in the existing framework.
“The current economic condition meant that the existing incentive package would need to be reworked to be more attractive to modern investors and tech leaders.
“The new normal of remote or hybrid work has also opened new growth opportunities,” he said.
Besides, he said the enhanced MSC will feature a new framework including a review of the Bills of Guarantee and incentives, an expansion of location for MSC promoted activities throughout Malaysia, improved governance and process enhancements and a refreshed brand.
Additionally, the introduction of the Malaysia Digital Nomad programme in Budget 2022 will support the mobility of local and foreign digital talents and extend the digital expertise to all parts of Malaysia, in line with the objectives of the new MSC to establish Malaysia as the region’s preferred Digital Nomad Hub.
He said MDEC will be organising roundtable discussions with industry and digital economy stakeholders to gather feedback and suggestions on how the MSC can be enhanced and improved to support the establishment of Malaysia as the Heart of Digital Asean.