MITI aims to have 100 local tech companies with RM1bil revenue by 2030

MITI aims to have 100 local tech companies with RM1bil revenue by 2030

12 Mar 2024

The Ministry of Investment, Trade and Industry (MITI) is aiming for Malaysia to have 100 local technology companies with annual revenue of RM1 billion by 2030, according to Deputy Minister Liew Chin Tong.

He said the government will continue to support local companies in research and development (R&D) and innovation by providing assistance to small and medium enterprises (SMEs) nationwide.

“Various types of assistance are being provided by MITI and its agencies including financing assistance, advisory services and business guidance to strengthen the SME value chain,” he said in winding up the debate on the Motion of Thanks for the Royal Address in the Dewan Rakyat today.

He was responding to Datuk Seri Amirudin Shari’s (PH-Gombak) proposals to enhance collaborations among states and expand the market especially for SMEs by building a national innovation system.

Liew said that MITI, through the Malaysian Investment Development Authority, is spearheading efforts to boost collaborations among Selangor, Kuala Lumpur, Melaka and Negeri Sembilan.

The effort is aimed at developing joint industrial clusters, including for the aerospace industry and global services hub.

Meanwhile, answering a query from Wan Ahmad Fayhsal Wan Ahmad Kamal (PN-Machang) who asked about MITI’s direction in increasing strategic investments, Liew said the government will ensure that investments coming into the country comply with 12 revenue-based indicators that will be used to gauge investment quality under the New Industrial Master Plan 2030 and National Investment Aspirations.

Among the 12 indicators are strengthening efforts in high value-added activities, accelerating regional R&D activities, and creating high-skilled job opportunities.

Source: Bernama