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Startup convention in the pipeline, says Rafizi

Malaysia

The government will organize a startup convention in the near future, among other things, to produce more local technopreneurs, Dewan Negara was told on Wednesday.

Economy Minister Rafizi Ramli said that the development of startup companies is a prerequisite for accelerating the country’s economic transition towards technology and digital-based industries.

He said the government would also ensure that the venture capital ecosystem continues to be strengthened to expedite the formation of technology-based startups.

“This includes special initiatives to gather funding from government-linked companies (GLCs).

“Furthermore, emphasis will also be given to investors and early-stage startups to empower more local talents as technology creators and developers,” he said when tabling the motion on the 12th Malaysia Plan Mid-Term Review at Dewan Negara.

It was reported that the government plans to make Kuala Lumpur a regional hub for startup companies and the digital industry to attract investments and digital talents, with the goal of positioning Malaysia among the top 20 countries in the global startup ecosystem by 2030.

Elaborating, Rafizi said the government had allocated grants totalling RM266 million this year to local startup companies to create more unicorn-level companies.

Out of this amount, RM63.9 million has been disbursed to date, he said.

-Source: Bernama

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