BizTech Times summarises commentaries from three key organisations on Budget 2024, themed ‘Madani Economy, Empowering People’ which was just announced last week.
Prime Minister Datuk Seri Anwar Ibrahim foresees 2024 as a year marked by accelerated growth and empowerment in the digital landscape. According to Malaysia Digital Economy Corporation (MDEC), Budget 2024’s focus on innovation and the digital economy mirrors Malaysia’s resolute commitment to transform into a regional digital economy powerhouse. The budget is also in line with MDEC’s mission for a more inclusive, equitable, and sustainable growth of the digital economy.
In its statement, MDEC said: “We welcome the RM165 million allocation to bolster MSMEs through initiatives such as digital grants, the Shop Malaysia Online programme for online businesses, and the expansion of Digital Economic Centers (PEDi) across all state assemblies. This allocation aligns with MDEC’s overarching goal of enhancing competitiveness through automation and digitisation, catalysing business growth.”
MDEC also lauded the RM20 million allocation for pioneering research and development of artificial intelligence (AI) at the University of Technology Malaysia (UTM), which marks a promising stride towards nurturing talent for AI development and digital content production in Malaysia.
On incentives, the RM30 million allocation serves as a catalyst for global game developers based in Malaysia, encouraging the creation of new local intellectual properties (IPs). An additional RM60 million has been allocated for the Digital Content Fund, dedicated to promoting local IPs that celebrate Malaysian culture and content.
In line with the recently unveiled New Industrial Master Plan 2030 (NIMP 2030), Budget 2024 introduces comprehensive measures to support targeted startups, MSMEs, and entrepreneurs on their digitalisation journey. This includes enhancing ongoing efforts with financing tools, matching grants, funding support, capability development, and mentoring programmes to accelerate digital adoption.
Cisco Malaysia applauds the government for its visionary approach in Budget 2024, positioning technology and innovation as the central pillar of Malaysia’s development. The budget’s allocation of RM76 million to empower further research and development capabilities and initiatives to help SMEs adopt technology, especially those in the green economy or technology, resonates with Cisco’s mission.
“The 2024 budget is a testament to the Malaysian government’s commitment to the growth of its digital economy and ensuring a more equitable future for Malaysians. Technology plays a key role in fostering robust economic growth. Cisco applauds the focus on leveraging technology for a digitally empowered and progressive Malaysia and is ready to support the government’s vision to power an inclusive future for all,” said Hana Raja, Managing Director, Cisco Malaysia.
Cisco Malaysia also welcomes the government’s allocation of RM 60 million to Cybersecurity Malaysia for the development of a 5G Cyber Security Training Framework Security as cyber security has become more complex in a hybrid everything world. Expanded threat landscape means that organizations and governments need to improve cybersecurity posture to safeguard digital assets and critical infrastructure.
Telecommunications infrastructure company EDOTCO applauds the RM2 billion allocation by the government through the Dana Mudah Cara Peralihan Tenaga Negara to to further bolster the sustainable energy sector. EDOTCO believes that fostering public-private partnerships is the cornerstone of progress, as it accelerates the development of renewable energy projects and infrastructure, advancing our nation’s journey toward sustainability.
“EDOTCO also welcomes the budget allocation to replace and expand Wi-Fi coverage in all public universities with a total of RM250 million, as well as the Program Kampung Angkat MADANI, which focuses on providing basic facilities and amenities, including Internet access in remote rural areas. This initiative will accelerate the government’s aspirations to become the ‘Asian Digital Tiger’, emphasizing its commitment to enhancing digital infrastructure and connectivity across the nation,” said Adlan Tajudin, CEO of EDOTCO Group.
Compiled by Cordelia Lee