Malaysia’s digital economy has grown significantly in recent years, presenting immense growth opportunities with the artificial intelligence (AI) market projected to grow from RM3.47 billion to RM15.9 billion by 2030, with a 28.5% compound annual growth rate (CAGR).
At the same time, the digital health sector is also expanding rapidly at a CAGR of 8.3% from 2023 to 2028, while the cyber security market is expected to reach RM3.18 billion by 2029.
Taking into account the potential growth of these markets, a trade mission highlighting two-way trade and investment opportunities for joint development in AI, cyber security and digital health between Australia and Malaysia was held.
The trade mission, themed “Digital Gateway to Southeast Asia” and focusing on digital technology, was participated by 50 leading Australian tech companies and key Malaysian stakeholders in a two-day immersive programme.
Digital Minister Gobind Singh Deo, who was the event guest of honour, said with Malaysia gearing up to be the digital hub in Southeast Asia, the nation’s business-friendly policies and the strengthening digital economy make it an attractive market for Australian tech innovators.
“Hence, it is good to see Malaysian companies fostering collaboration with Australian tech pioneers, accelerating the digital transformation that Malaysia is pushing for,” he said in his opening address.
Meanwhile, the Australian Trade and Investment Commission Deputy Chief Executive Officer Daniel Boyer said the mission provides a good opportunity for businesses and tech leaders to share knowledge and explore opportunities to collaborate on innovations for developing robust solutions in the digital economy.
“The opportunity to connect with Malaysian businesses and explore mutual growth opportunities has been tremendous. The conversations and partnerships initiated here will contribute to building stronger digital ecosystems for both nations over the coming months and years,” he said.
Currently, there are more than 30 Australian tech companies that have established a presence in Malaysia and have gained MalaysiaDigital status from Malaysia Digital Economy Corporation.
Throughout the programme, the mission has successfully sparked co-selling opportunities and co-marketing strategies, providing Australian companies market access to the Malaysian market, which is also positioned as the digital gateway to Southeast Asia.
These partnerships are expected to yield mutual benefits such as enhanced product offerings, cost efficiencies, and access to new customers and markets, accelerating digital growth in Malaysia.
