On 6 May 2021, the Malaysia Digital Economy Corporation (MDEC) and the Australian Trade and Investment Commission (Austrade) organized a virtual event for tech companies from both countries to promote digital market potential through the Australia-Malaysia Tech Exchange (AMTX) initiatives.
The main objectives of AMTX are to boost Australian-Malaysian tech exchange, facilitate bilateral trade and investment in the digital economy, establish platforms for collaboration and innovation, lessen digital trade barriers and encourage consistent and open digital trade rules. The program was introduced following the MoU signed in December 2020 and the Comprehensive Strategic Partnership (CSP) announced during the Australia-Malaysia Leaders’ Virtual Summit in January 2021.
CEO of MDEC, Surina Shukri, stated that under AMTX, MDEC has introduced the Malaysian Tech Entrepreneur Program (MTEP) which allows Australian tech companies to enter and expand into Malaysian markets. MTEP offers a one-year pass to new entrepreneurs and a five-year pass to established ones. This includes access to co-working spaces through the Malaysia Digital Hub (MDH) program. The collaboration further resulted in a one-stop platform to provide assistance and guidance to tech companies seeking to make Malaysia the base for expansion into the wider ASEAN region and beyond.
Malaysian tech players such as Aerodyne, Soft Space, MoneyMatch and LGMS have also benefited from the partnership of both countries in the digital economy. For example, Cyberjaya-based Aerodyne, a global leader in Drone Technology, Data Technology and Digital Transformation, has been actively involved in agriculture technology (AgTech) in Australia. For local players, Australia is a prime market for expansion due to its status as the key market for testing products before entry to Europe or North America markets. Around 11 Malaysian tech companies have been listed on the Australian Securities Exchange (ASX) in the past few years.
Malaysia and Australia have grown rapidly through close cooperation on digital trade and investment. Australian investments in Malaysia via the Multimedia Super Corridor (MSC) reached MYR 2.53 billion (USD 617 million) from 1997 to 2018, with 41 active companies. In total, MSC received MYR 345 billion (USD 83 billion) of cumulative investments, generating 185,000 jobs.
(Source: MDEC; Business Today)