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Malaysia's future growth plans in ASEAN's digital economy - MGBF

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Published : Jan. 26, 2023 - 20:20

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KUALA LUMPUR, Malaysia, Jan. 26, 2023 /PRNewswire/ -- The Malaysia Global Business Forum (MGBF) will be hosting a roundtable on 'Designing the Future of the Digital Economy' on 23 February 2023. It is the culmination of the first three MGBF Exclusive Roundtable Series titled 'The Evolving Threat Matrix in the Digital Economy' held throughout 2022.

Murugason R Thangaratnam, CEO of Novem CS Sdn Bhd, speaking about the importance of resilience for the Malaysian digital economy at a roundtable by Malaysia Global Business Forum (MGBF). | Photo by MGBF
Murugason R Thangaratnam, CEO of Novem CS Sdn Bhd, speaking about the importance of resilience for the Malaysian digital economy at a roundtable by Malaysia Global Business Forum (MGBF). | Photo by MGBF

According to the Malaysia Digital Economy Corporation (MDEC), the digital economy is currently contributing 22.6 per cent to the country's gross domestic product (GDP), with a projected growth to 25.5 per cent by 2025. This level of contribution has made it imperative for the Malaysia Global Business Forum to bring together high-level speakers at the roundtable to explore ways to chart the way forward for Malaysia's future of its digital economy.

Amongst the objectives of the upcoming MGBF roundtable is to position Malaysia in Southeast Asia's digital economy, which was estimated to be valued at USD200 billion (RM853 billion) in gross merchandise value (GMV) at the end of last year. Malaysia is an investment destination for those expanding market share in the digital economy, which will further expand the trade and business opportunities emanating from Malaysia. The multilateral and bilateral trade agreements have set the tone for this to become a reality.

MGBF's Founding Chairman, Nordin Abdullah, said, "Now is the opportunity to create a competitive edge through a business-led approach, empowered with the right policies and programmes implemented by the new administration. The recent pandemic was a catalyst for rapid digitisation. The data shows that trend has continued in Malaysia's services sector. We will use the upcoming forum to release additional data via the 'Digital Economy and Innovation Report 2023'."

"With the rise of AI assistance such as ChatGPT, the future has been brought into our daily work lives. This is a natural evolution of the digital economy that not only needs to be managed, but understood in a way that drives productivity. This will be the only way that high-value jobs can be created and maintained in a future-facing economy," continued Nordin.

According to the The 2023 Global Cybersecurity Outlook report, global geopolitical instability has helped to close the perception gap between business and cyber leaders' views on the importance of cyber-risk management, with 91 per cent of all respondents believing that a far-reaching, catastrophic cyber event is at least somewhat likely in the next two years. Following from this, 43 per cent of organisational leaders think it is likely that in the next two years, a cyberattack will materially affect their own organisation, which means enterprises are devoting more resources to day-to-day defences than strategic investment.

Critical questions that will be confronted include how to effectively manage talents in the evolving global digital economy, how to cascade effective strategy and policy into actionable projects that drive digital resilience, the interconnectedness of strategy and policy, and how to recover from a cyber-social crisis that impacts reputation and share price, amongst others.

Murugason R. Thangaratnam, Chief Executive Officer of Novem CS Sdn Bhd – a key industry leader who wil be addressing the forum, said, "The direction is clear, Malaysia will expand its economy to become increasingly digital. As the contribution to GDP increases so too does the value of targets to cyber criminals. The stakes have never been higher for the corporate sector looking to build empires on digital, data or innovation."

"Novem's internal research has shown that corporations spend between 10 to 100 times more post cyber incident than what they would have spent if they had implemented a simple cyber-resilient infrastructure with the requisite human capital development. Organisations have to realise that they need to strike a balance to avoid being too tech centric, by taking a holistic approach in securing the people, processes and governance framework to remain cyber resilient," continued Murugason.

The full-day event will delve into four strategic areas: 'Addressing Cyber Threats to Develop an Investor-Friendly Country', 'The Corporate Nexus and The Total Media Ecosystem', 'Strategic Opportunities in the Data-Driven Digital Economy', and 'The Digital Economy and Building an Equitable Future', while the keynote session will expand on the critical requirements of government strategy and future-facing policies for the digital economy.

MGBF was established to empower stakeholders at the intersection of international and Malaysian business. Through government relations, business intelligence, advocacy, media engagement, market research, networking, advisory and business matching, MGBF will continue to explore threats and opportunities with industry leaders and policy makers to ensure that Malaysia becomes a leader in the context of Asia.

Delegate passes for this important discussion are available from RM500 per person. For more information visit www.MalaysiaGlobalBusinessForum.com.

NOTES TO EDITORS:

About Malaysia Global Business Forum

The Malaysia Global Business Forum (MGBF) was established to empower stakeholders at the intersection of international and Malaysian business. Through government relations, business intelligence, advocacy, media engagement, market research, networking, advisory and business matching, MGBF delivers results for individuals, corporations, trade and business associations, as well as national and state governments.

For more information visit www.MalaysiaGlobalBusinessForum.com.