AI to usher in a new era for Malaysian economy
18 Jul 2024
Artificial intelligence (AI) could be the ideal catalyst for the Malaysian economy, which stands at the cusp of leapfrogging beyond the 5% growth target, says venture capital (VC) fund and co-creation studio The Hive.
In a report entitled “Generative AI: Cusp of a new era for the Malaysian economy”, the VC firm says AI has become a utility like energy or a telco while AI computing is a national resource, key to nation building.
For Malaysia, the Hive said the country has a favourable demography with massive global tech giants investing in R&D, coherent and state-level AI education policies with efficient implementation and a vibrant startup ecosystem focus on AI-driven innovation.
It noted also that Johor Bahru is the fastest-growing data centre market in Southeast Asia. While AI computing is projected to drive data centre energy demand of 5GW by 2035, Malaysia is in the global Top 5 most price-efficient energy markets, The HIve said in its report.
Meanwhile, Malaysia is also very favourably located in the global semiconductor and network bandwidth corridors.
“There is rapid growth in talent and infrastructure ecosystems timed alongside with the ongoing paradigm shift in AI technology.
“Malaysia also has a consistent and neutral foreign policy, making it a fertile ground for international AI innovation partnerships,” it added.
The Hive is organising a Catalyst Series summit in collaboration with the Securities Commission, entitled “Transforming the global digital economy with generative AI”, from 10am to 2.15pm on July 30, 2024 (Tuesday), at the SC building.
It said the summit, which brings together some of the brightest minds, aims to foster innovation with generative AI among corporations and establish Malaysia as the AI hub of Southeast Asia.
Source: The Star
