KUALA LUMPUR: Malaysia has the potential to receive more than RM270 million in investments in the technology sector from the United Kingdom (UK) over the next 15 months.
British High Commissioner to Malaysia Vicki Treadell expressed confidence that the inflows of UK’s foreign direct investment (FDI) into Malaysia, particularly in the technology sector, could be maintained or grow stronger than that of last year.
“With all the works that we are doing with the UK’s Mega Tech Mission here, the next 15 months must surely deliver as much if not not more,” she told a press conference on the sidelines of the UK’s Mega Tech Mission Exhibition here today.
Treadell said 800 business-to-business (B2B) meetings between 42 visiting British companies and Malaysian institutions and organisations that were keen to meet them had already been lined-up.
Up to 1,000 B2B meetings have been scheduled over the three-day visit in the capital, as well as in Johor.
She added that the technology sector is one of the key components of the ongoing free-trade agreement (FTA) negotiations that was submitted to Malaysia’s Ministry of International Trade and Industry (MITI) and the guidelines were expected to be ready by year-end.
Two strategic partnerships were announced today upon the arrival of the UK Mega Tech Mission, comprising 42 UK tech companies - the largest UK tech delegation ever to visit Malaysia.
The first of the two strategic partnerships announced was formed by UK’s Action Starter and CAS Analytics (Malaysia) Sdn Bhd to integrate both companies’ platforms to deliver digital solutions, enabling job seekers, policymakers and educators to address employment, training and development issues.
The second partnership was formed by UK’s Kino-mo and People n Rich Holdings Sdn Bhd, to promote the adoption of new advertising tech innovations through the introduction and distribution of ‘Hypervsn’ in Malaysia. The award-winning ‘Hypervsn’ is a media planning solution for creating, displaying and managing 3D content.
The Mega Tech Mission is led by the UK Department for International Trade, in collaboration with Malaysia Digital Economy Corporation (MDEC) and the Johor State Investment Centre and Global Business Services Iskandar, a programme managed by i2M Ventures Sdn Bhd, a wholly-owned subsidiary of Khazanah Nasional Bhd
UK National Technology Adviser Liam Maxwell, who is leading the mission, said he was confident of the UK tech offering and bullish about the potential for collaborative partnerships.
“The Mega Tech Mission to Malaysia allows participating companies to showcase UK technology expertise across various technologies ranging from cyber, fintech, data analytics, smart technologies, cloud, virtual reality through to artificial intelligence.
“It also provides an equally unique opportunity to develop long-term collaborative partnerships with Malaysian businesses,” he added.
Meanwhile, MDEC Chief Executive Officer Datuk Yasmin Mahmood described the prospects for private sector investment is good as Malaysia’s location in the heart of ASEAN is pragmatic and prudent.
“Malaysia’s business-friendly policies and unwavering focus on enhancing the country’s digital economy are positive factors that will offer UK investors plenty of opportunities to tap into its information and communication technology ecosystem.
“Certainly, they can look at Malaysia as the gateway to other emerging markets in the ASEAN region,” she added. -- BERNAMA