PM: Digital economy to contribute 22.6% to nation's GDP by 2025

KUALA LUMPUR: The government expects the digital economy to contribute 22.6% to the country's Gross Domestic Product (GDP) by 2025, says Tan Sri Muhyiddin Yassin (pic).

The Prime Minister also said that the government was also targeting a 30% increase in the level of productivity of the economic sector by 2030 through the digital economy.

These were among the targets of the MyDigital initiative which includes the Malaysia Digital Economy Blueprint that will be implemented across three phases of implementation 2030.

He said the initiative aimed to improve the lives of all Malaysians in all aspects.

"Among others, it includes ideas and plans to improve digital literacy, creates high-income jobs, makes banking and finance business easier and more organised, provides virtual educational access to our children and brings medical facilities to remote towns.

"It also serves as a digital transformation direction plan that is able to drive the business sector to compete on the global arena by enhancing expediency and efficiency of their operations," Muhyiddin said when launching the blueprint on Friday (Feb 19).

He said the plan also aims to provide 500,000 job opportunities in the digital economy, with the government also encouraging 875,000 micro, small and medium enterprises to accept the use of e-commerce.

He added that these initiatives would also serve as catalysts for 5,000 start-up companies to begin their operations in the next five years.

"These initiatives will be the starting point to attract new investments worth RM70 billion in the digital sector, from within and outside the country," he said.

Muhyiddin also said that all public sector agencies are targeted to provide cashless transaction facilities as the main option by 2022.

He added that the government would strengthen the digital ecosystem in various ways, including creating a regulatory environment that can support digital use while protecting the privacy of citizens.

"Therefore, we will ensure that digital companies involved with the government, will work hard to help Malaysians improve on their digital skills.

"These companies, among others, will also collaborate with local universities to establish the Faculty of Artificial Intelligence, and to work with the government to carry out employees’ skills improvement programs," he said.

He added that cyber and data security are among the government’s main focus in realizing the vision for a nation of digital technology.

Muhyiddin said that public data will be handled sparingly based on security standards set by the government through the implementing agency, the National Cyber Security Agency (NACSA).

He also said the government is very committed in monitoring the security of the data management system to avoid any future cyber threats.

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