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Malaysia is intensifying its efforts to leverage artificial intelligence (AI), quantum computing, and cybersecurity as critical drivers of economic growth, according to Digital Minister Gobind Singh Deo. Speaking at the Nextbigtech Asia 2024 event, Gobind highlighted the nation’s growing focus on AI and data governance as essential to reshaping Malaysia’s future economy and society.
“We must decide whether we are prepared to embrace the transformation that will ultimately reshape our country’s economy, communities, and lives,” he said, emphasizing Malaysia’s readiness to become a key player in the technological landscape.
Quantum Computing and Global Opportunities
Quantum computing has emerged as a vital area of focus for Malaysia, with Gobind noting its potential to attract significant global investments. “Quantum science and technology is another area we need to look at, with almost US$40 billion (RM167 billion) in global public-sector research and innovation funding,” he said, stressing Malaysia’s role in advancing this cutting-edge technology.
Strengthening Cybersecurity
As Malaysia deepens its digital transformation, cybersecurity remains a top priority. Gobind highlighted recent legislative amendments aimed at enhancing data protection, including updates to the Personal Data Protection Act and the introduction of a new Cybersecurity Act in August.
“The new laws require entities classified as National Critical Information Infrastructure to undergo stringent risk assessments to enhance cyber resilience,” he said, reassuring that protecting citizens’ data will be a core focus as the country navigates its digital journey.
Support for SMEs in the Digital Economy
With small and medium-sized enterprises (SMEs) making up 97% of Malaysia’s businesses, the government is committed to assisting them in overcoming challenges in their digital transformation. Gobind highlighted the role of agencies such as the Malaysia Digital Economy Corporation (MDEC) in providing mentorship, training, and funding to help SMEs innovate and scale.
“SMEs form the backbone of our economy, and we are ready to assist them in their digital journeys,” he said.
Major Digital Investments and the Role of Tech Giants
Malaysia has already seen substantial digital investments totaling US$185.3 billion from 2021 to June 2024, with major contributions from tech giants like NVIDIA, Amazon, Microsoft, and Google. “The bulk of these investments came from these tech leaders, demonstrating the strength and potential of our digital economy,” Gobind noted, underscoring Malaysia’s growing appeal as a destination for technology investments.
Preparing for Regional Leadership and Digital Cooperation
Looking ahead, Malaysia is gearing up to take a leading role in regional digital cooperation as it prepares to chair ASEAN in 2025. Gobind emphasized the importance of working closely with ASEAN member states to strengthen digital capabilities and regional resilience.
“As Malaysia takes the ASEAN chair next year, we look forward to boosting our digital capabilities and working with our regional partners,” he said.
The Urgency of Digital Transformation
Gobind stressed the need for Malaysia to continue adapting rapidly to the evolving digital landscape. “In the next two or three years, we will see a change. If we do not step up our efforts to ensure there is infrastructure, cybersecurity, and sufficient talent, we too will be left behind,” he remarked, calling for collaboration across industries, government, and the public to ensure Malaysia’s success in the digital age.
As Malaysia accelerates its digital transformation, the focus on AI, quantum computing, and cybersecurity will be central to driving future economic growth and ensuring the country remains competitive on the global stage.
