Tervinderjit (TJ) Singh (pic above), Research Vice President at analyst firm Gartner, also zeroed in on Industry 4.0.
"Malaysia, like the rest of the world, is on the brink of the fourth industrial revolution and digital economy era. With the announcements made in the Malaysia Budget 2018, we see an increased emphasis on preparing the nation to become a fully-developed digital economy through targeted initiatives such as the Malaysian Digital Policy," said Singh. "The upgrading of smart manufacturing facilities and Futurise Centre in Cyberjaya reflect the government's sustained commitment to invest and support the industry as it continues progressing to the next level."
Singh went on to eCommerce as an important element in digitisation. "The RM83.5 million allocation to further develop the first 'Digital Free Trade Zone', which is expected to attract RM700 million in investments and creating 2,500 jobs also puts the nation in good stead. These investments will go into strengthening the nation's infrastructure and raising import values to push Malaysia into becoming the region's primary e-commerce hub.
"Gartner is forecasting a 6 percent growth in technology spending for 2018, putting Malaysia ahead of most Asia Pacific countries. With the initiatives announced in Budget 2018, Gartner is confident that Malaysia is on the right track towards become a fully digitised nation," he added.
Ashran Dato’ Ghazi (pic above), Chief Executive Officer of Cyberjaya-based Malaysian Global Innovation & Creativity Centre (MaGIC) noted that, “With the Budget 2018, the Government has clearly demonstrated the importance of social innovation, aligning Malaysia with the many governments around the world promoting equitable and sustainable economic growth. Social innovation, and platforms such as MaGIC’s IDEA or IMPACT, makes it possible for entrepreneurs or aspiring entrepreneurs to do well and build a sustainable business while also doing well." (See - How the Malaysian government is using MaGIC to boost a 'people-centric economy’)
“As MaGIC’s goal is to build an ecosystem of entrepreneurs with creative skills and the capability to innovate, we are therefore encouraged by the government’s pledge to create a conducive ecosystem to reap the benefits of innovation, especially from local start-up ideas,” Ashran continued.
“Malaysia has so many aspiring entrepreneurs who need nurturing, guidance, mentoring, and financing and as we work to build greater collaboration between these and the corporate sector we welcome the government’s pledge to facilitate the testing of innovative ideas and new business models through a regulatory sandbox across all industries,” he said. “This aligns with the Corporate Entrepreneurship Responsibility (CER) platform MaGIC launched earlier this year, which today already has 46 partners on board working with entrepreneurs to address real problems in their business."
Ashran added, “It’s once again great to see such support for entrepreneurship development in this year’s budget, and as we count down towards this year’s inaugural Global Entrepreneurship Community Summit 2017 on 12th and 13th December, we are encouraged to see that the government continues to remain committed to developing Malaysian capabilities in this space, and helping to raise them onto a global stage."
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