RM127 bln foreign investment in digital projects from 2021 to 2024 — MITI
18 Jul 2024
The Investment, Trade and Industry Ministry (Miti), through the efforts of the Digital Investment Office, has recorded approved foreign investments in digital projects worth RM127 billion between 2021 and March this year.
Domestic investments accounted for RM34.9 billion of total approved investments, amounting to RM161.9 billion, in digital projects approved under the National Committee on Investment in that period, the ministry said.
“The investments approved were mainly in the data centre, cloud computing, data hosting, big data analytics and artificial intelligence sectors,” it said in a written reply on the Parliament website yesterday.
The ministry was responding to a query from Syed Ibrahim Syed Noh (PH-Ledang) about benefits to the nation from foreign direct investment in the digital sector.
Miti said investments secured in that sector will bring socio-economic benefits, including the potential creation of 49,108 skilled and high-paying jobs for data engineers, data scientists, big data analysts, cybersecurity engineers and information technology engineers.
It said the government emphasises more inclusive digital infrastructure investments at local and regional levels, the availability of high-speed internet, and technological solutions to generate low latency for data.
On the main economic spillover effect from these strategic digital investments, Miti cited an acceleration of digital transformation for micro, small and medium enterprises, which make up 97 per cent of the country’s business establishments, contributing 48 per cent of jobs and 38 per cent to economic growth.
In addition, it said, the investments facilitate the reorganisation of industrial clusters and value chains powered by digital technology towards the creation of 3,000 smart factories by 2030, as outlined in the New Industrial Master Plan 2030, while providing access to digital technology opportunities and usage and spurring industrial revolution in various sectors.
Source: Bernama
