UK and Malaysia enhance collaboration on digital economy

• Partnership opportunities for MSC companies in cross-cutting technologies
• There will also be business matching opportunities in partnership with MDEC

A DELEGATION of business leaders and companies from the United Kingdom (UK) is in Malaysia from Nov 22 to 24, as part of the UK Technology Trade Mission 2016 organised by the UK Department for International Trade (DIT) together with the Malaysia Digital Economy Corporation (MDEC).

Aimed at driving opportunities for growing businesses in both Malaysia and the UK, the trade mission provides Malaysian MSC companies with the opportunity to hear, meet and collaborate with successful and fast-growing technology companies from the UK.

In addition to presentations on solutions, the mission also allows for both the UK and Malaysian companies to either meet one-on-one or participate in panel discussions. There will also be business matching opportunities in partnership with MDEC on the 2nd day of the trade mission.

Malaysia is the UK’s second largest trading partner in the Asean region with bilateral trade reaching £4.4 billion (US$5.48 billion) in 2015. As part of the trade mission, UK companies are encouraged to tap on Malaysia’s information and communications technology ecosystem and to look at Malaysia as the gateway to other emerging markets in the Asean region.

The trade mission comprises representatives from leading technology companies and potential investors from the UK accompanied by the Deputy British High Commissioner to Malaysia as well as officers and representatives from DIT.

“Trade ties in the digital economy space will be the catalyst to take the strong historical cultural and economic ties that Malaysia and the UK have enjoyed to the next level. Currently, Malaysia’s digital economy contributes 17.8% to Malaysia’s overall GDP and is set to hit its target of 18.2% by 2020.

“In fact, the government, through the 2017 Budget, has identified Malaysia’s digital economy as one of the key initiatives to pursue. Through strategic collaborations with key trading partners such as the UK, we will be able to realise the full potential of Malaysia’s digital economy,” said MDEC chief executive officer Yasmin Mahmood.

“Furthermore, the private sector, being a driver of employment and agent for change via the transfer of knowledge, is crucial to the process of an inclusive and sustainable economic growth. This trade mission is a platform to help and provide opportunities for businesses from both countries to collaborate and enhance business and talent capabilities,” she added.

Deputy British High Commissioner to Malaysia Paul Rennie, said, “The UK and Malaysia are stepping up bilateral co-operation across various fields, particularly in the technology sector. With one of the largest and fastest-growing technology sectors in the world, the UK can share expertise with Malaysia in sub-sectors like Artificial Intelligence; Big Data Analytics; Cloud; Communications; Electronic Systems; and Sensors. British companies, like those on this trade mission, have a global outlook and are keen on working with Malaysian partners on the country’s digital economy transformation.” 

This mission builds on a recent Memorandum of Understanding (MoU) signed in June 2016 between MDEC and the UK’s DIT which will see both countries jointly promoting the adoption of Digital Economy solutions, particularly in the areas such as Internet of Things (IoT), Cloud, Big Data Analytics (BDA), Cybersecurity, e-Commerce and Fintech. Collaboration and partnership opportunities in the areas of artificial intelligence will also be explored through the academia and industry platforms.

The MoU between the two agencies will also facilitate the implementation of joint projects on research and development, as well as innovations in respect to the development of sustainable smart cities and technologies.
 
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