Malaysia Generates USD 222 Million By Strengthening AI Digital Ecosystem

Oct 2024

The Malaysia Digital Economy Corporation (MDEC), the leading agency for the country’s digital economy under the Ministry of Digital, has successfully integrated 140 local artificial intelligence (AI) providers into its digital AI ecosystem. Through various initiatives, MDEC has generated MYR 1 billion (USD 222 million) in revenue, highlighting the significant growth and potential of Malaysia’s AI sector.

By 2030, AI is projected to contribute approximately USD 115 billion in productive capacity to Malaysia, showcasing its potential impact on the national GDP across five key sectors, manufacturing, healthcare, finance, and public services among them. AI is already playing a pivotal role in the economic transformation of the country, enhancing productivity in small and medium enterprises (SMEs) and improving efficiency in large corporations. The local AI ecosystem encompasses diverse sectors, including services, finance, digital cities, and agricultural technology.

The Malaysian government remains committed to fostering digital transformation through strategic frameworks like the Malaysia Digital framework and the National AI Roadmap. These initiatives aim to provide the necessary infrastructure, policies, and incentives for AI growth across various industries. As Malaysia positions itself as a burgeoning AI hub in Southeast Asia, it aligns with the objectives of the Malaysia Digital Economy Blueprint (MyDIGITAL), which seeks to transition the country into a digitally advanced, high-income nation. Major homegrown corporations, such as Petronas, have also established AI Centres of Excellence to accelerate the development of AI solutions, focusing on energy delivery, operational efficiency, and sustainability through collaborations with global partners.

‍ (Sources: Malay Mail; News Straits Times)

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