Malaysia Morning Wrap | Exsim Borneo Proposes Acquisition of 70% Stake in WMG Holdings

The Malaysia Digital Economy Corporation (MDEC) is actively pursuing the expansion of Malaysia's digital economy by targeting new international markets and enhancing digital export opportunities. Speaking at the Expand North Star (ENS) 2024 in Dubai, MDEC's head of digital industry acceleration, Wan Murdani Wan Mohamad, detailed the organization's ongoing efforts through the GAIN program, which now includes initiatives in countries like Brazil, Kenya, Tanzania, and Spain. MDEC's strategic focus is not only on broadening Malaysia’s digital export footprint but also on fostering significant growth within the ASEAN region, aiming to make Malaysia the central digital gateway for ASEAN, projected to be a US$1 trillion economy by 2030.

Prime Minister Datuk Seri Anwar Ibrahim, in his speech at the 78th annual general meeting of the Associated Chinese Chambers of Commerce and Industry (ACCCIM) in Kuala Lumpur, emphasized that Malaysia's economic growth is significantly supported by robust domestic investments alongside foreign direct investments (FDIs). He praised the domestic private sector, including businesses and SMEs, for their growing interest and confidence, which have led to increased investments. Anwar, who is also the finance minister, hinted at focusing on these domestic sectors in the forthcoming Budget 2025, suggesting potential ease on tax burdens to encourage further investment.

The Kuala Lumpur and Selangor Chinese Chamber of Commerce and Industry (KLSCCCI) has called on the government to allocate additional funds in Budget 2025 aimed at enhancing digital integration and boosting efficiency among small and medium enterprises (SMEs). Speaking at the 78th annual general meeting of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), KLSCCCI President Datuk Ng Yih Pyng emphasized the need for clear guidelines and effective follow-through processes to ensure grants are accessible and optimally used. He highlighted the necessity for better financing options and flexible loans, particularly for those in manufacturing and services sectors, to help them navigate economic challenges.