The Economy Minister, Rafizi Ramli, has revealed the Malaysian government‘s intentions to revamp the startup ecosystem in the country. The primary focus will be on improving funding and investment opportunities at the seed and angel investor stages. Ramli envisions Malaysia as a regional hub for digital investors, aiming to rival neighboring Singapore and Indonesia in terms of attractiveness. Furthermore, plans are underway to consolidate the support systems for startups in the digital and technology sectors. A unified approach, similar to the country’s visa application system, will be implemented to streamline processes. The proposal for this integration will be presented to the Digital Economy Council before the end of July.
Ramli expressed his desire for increased investments in startups during their early stages. He believes this will foster the creation of more startups and ultimately contribute to the growth of the ecosystem. Malaysia aspires to go beyond being a mere gateway for the startup landscape in the region. By aligning various agencies and the ecosystem, Ramli believes Malaysia can rapidly catch up with its peers. He aims for Malaysia to become the preferred hub for digital investors, on par with Singapore and Indonesia. To achieve this, Ramli plans to collaborate with the Ministry of Communications and Digital and the Ministry of Science, Technology, and Innovation to streamline the support provided to startups. Discussions with these ministries are scheduled for June 21 to establish a collective plan.
The integration of back-end systems supporting digital and technology startups will be presented to the Digital Economy Council, which is chaired by the Prime Minister. Ramli anticipates having more clarity on the specific implementation and the chosen single-window approach by August. After the Digital Economy Council meeting in late July, they hope to obtain clearance to make a significant announcement involving substantial investments.