Malaysia’s Budget 2016 has also taken into account initiatives to drive the startup ecosystem and small and medium enterprises (SMEs), which were well-received by the community.
Technology hub-enabler Cyberview reaffirmed the implementation of Cyber City Centre in Cyberjaya, announced by the Prime Minister Najib Razak last Friday, adding that it will release more details this week on the development.
“The Cyberjaya community has been waiting for these infrastructure enhancements, and Cyberview is committed to facilitate and provide the necessary support through the delivery of our core services and consultations on these areas – industry development, investor relations, tech hub development and management. We endeavour to work with relevant agencies and authorities to ensure a successful delivery and make Cyberjaya a more vibrant and liveable place for our citizens,” Cyberview managing director Faris Yahaya said in a statement.
As for the allocations made to boost the ICT development and entrepreneurs in the country, these will also greatly encourage the growth of innovation enterprises in Cyberjaya in 2016, en route to making Cyberjaya a Global Technology Hub, he added.
Yahaya said the allocations will complement Cyberview’s planned talent development initiatives in Cyberjaya, especially the core Cyberview Living Lab that encompasses four aspects – Accelerator (Start-ups), Pilot (Prototype testing), Enterprise (SMEs), Talent (Young learners).
Malaysian Global Innovation & Creativity Centre (MaGIC) chief executive officer Cheryl Yeoh also responded to the announcement, in which the Prime Minister said MYR35 million will be allocated for MaGIC’s endeavours.
“I am encouraged by the recognition and emphasis on entrepreneurship as one of the key drivers for Malaysia to achieve a high-income nation status by the year 2020,” she noted in a commentary.
“This is the second year we have been mentioned in the budget and we see this as the government’s support and recognition of the positive impact that MaGIC has achieved in developing and growing the startup ecosystem and the inroads we have made to support the development of an Asean Startup community,” she added.
Yeoh said the MYR35 million allocated will enable MaGIC to continue developing entrepreneurs and transform their businesses to be highly scalable and global ready.
“We will also be able to expand our programmes and step up our efforts to explore more opportunities in key areas such as market access, acceleration, entrepreneurial support services, network building and collaborative partnerships.”
11street, one of the largest online marketplaces in Malaysia, welcomed the Budget, noting the initiatives that prime the e-commerce industry for further growth.
The Malaysian Communications and Multimedia Commission’s (MCMC) allocation of MYR1.2 billion to offer High-Speed Broadband to rural areas will amplify the growth of mobile shopping and ‘mobile-first’, the e-commerce company noted.
“As this is quickly becoming an emerging driver for e-commerce, having seamless and fast Internet connectivity will allow more Malaysians to use their mobile devices to head online and shop. Initiatives to improve logistics infrastructures within the country through an improved rail transport network and highways by 2016 will also be a boon to the e-commerce industry as faster and more effective delivery services can be enjoyed by sellers and consumers,” chief executive officer Hoseok Kim commented in a statement.
He also commendedthe allocations for Entrepreneurs Acceleration Scheme, SME Capacity and Capability Enhancement Scheme, SME Technology Transformation Fund and SME Blueprint.
“Enabling SMEs signals to the progressive growth within the e-commerce landscape in the country. This is especially true when SMEs are able to sustain their business in the future economic environment and further venture into the online market,” he noted.
Kim added that the e-commerce industry in Malaysia is growing at 30 percent compounded annual growth rate.