Malaysia must seize IT transformation opportunities

Datuk Seri Mustapa Mohamed quoted a study that said digital transformation can potentially create up to RM257.2bil in annual economic value in Malaysia by 2030.

KUALA LUMPUR: Malaysia must seize digital transformation opportunities, as not only they are critical for the country’s economic recovery but will also enhance its economic resilience, says Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed.

Quoting a study by strategic economics consultancy company AlphaBeta, he said digital transformation can potentially create up to RM257.2bil in annual economic value in Malaysia by 2030.

“During this challenging period, Malaysians have shown remarkable resilience as we evolve and adapt to the changing situation brought about by the pandemic.

“The digital economy and technologies are crucial in helping businesses stay afloat, allowing students to continue learning, job seekers to continue upskilling through online courses and families to stay connected,” he said in his opening remarks at the virtual “Grow With Google” event yesterday.

Mustapa said Malaysia remains committed to its target of becoming a technologically advanced, digitally-driven nation and the regional digital economy leader by 2030, as set out under the MyDIGITAL initiative.

Through the initiative, the digital economy is expected to contribute 22.6% to Malaysia’s gross domestic product by 2025 and create 500,000 new jobs, he said.

“There will also be more opportunities for businesses to build and expand, with digital revenue streams to increase cost efficiency through cloud technology,” he said.

Mustapa said the government targets to have 875,000 micro, small and medium enterprises embracing digital e-commerce by 2025, adding that it also aims to bring 80% of its services online by 2025, as a digitally-enabled government will improve efficiency, effectiveness and transparency.

“We believe in the importance of public-private partnership, where the private sector must be equal partners in driving MyDIGITAL so we can achieve our digital economic goal.

“On our part, the government will be a catalyst, creating a facilitative policy environment so that the private sector can bring the necessary capital and skills for digital transformation,” he said. — Bernama

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