The Ministry of Science, Technology Innovation Chang Lih Kang —LOW LAY PHON/The Star
KUALA LUMPUR: The Ministry of Science, Technology and Innovation (MOSTI) will be launching the Single Window Initiative to strengthen Malaysia’s startup ecosystem by streamlining processes and consolidating resources under one platform.
Its Minister Chang Lih Kang said the initiative will dismantle bureaucratic hurdles, expedite approvals and empower entrepreneurs to navigate the startup journey with greater ease.
"This is crucial in boosting our innovation scene towards achieving KL20 Summit’s goals,” he said in a statement today.
He said the government have developed the Malaysian Startup Ecosystem Roadmap (SUPER) which
serves as a blueprint to propel our country’s startup ecosystem to new heights as a regional hub.
"SUPER addresses critical areas like talent development, funding accessibility, ensuring market access, and driving innovation in technology and social impact,” he said.
Chang said the Malaysia Venture Capital Roadmap (MVCR) and MyDigital initiatives, alongside incentives for foreign investment, make Malaysia an attractive proposition for digital businesses seeking a regional foothold.
"Participation in the KL20 Summit allows foreign investors to gain valuable insights into our digital landscape, regulations and investment opportunities,” he said.
The government is committed to making the country a hub for startups.
"And the startup scene can look forward to a surge in activity during the KL20 Summit 2024 and beyond, fuelled by supportive government policies, a growing talent pool and a vibrant entrepreneurial ecosystem.
"However, challenges remain, particularly in accessing funding, navigating regulatory barriers and attracting top talent. We delve into the current landscape, the government’s role and the future prospects for startups in Malaysia,” the statement said.
According to the statement, efforts like KL20 Summit showcase the government’s commitment to propelling Malaysia onto the global startup stage, with a target of 2,700 startups by 2050.
"Furthermore, collaborations with the private sector to provide various funding options, including grants, venture capital and equity crowdfunding are a welcome move.
"The government is also supporting local innovation - through Malaysia Digital Economy Corporation (MDEC), Cradle and other agencies, providing startups with crucial financial and technical support,” the statement said.
The KL20 Summit scheduled to take place on April 22-23, 2024 at the Kuala Lumpur Convention Centre, aims to propel Malaysia into the top 20 global startup ecosystems by 2030 and boost Malaysia’s position as hub for startups and venture capitalists.
Prime Minister Datuk Seri Anwar Ibrahim will launch the summit and the KL20 action paper, a roadmap outlining reforms to achieve convergence among key stakeholders to propel Malaysia’s start-up tech sector to new heights.
Over 1,000 participants comprising international investors and start-ups are expected at the KL20 Summit 2024.
For more information and to register, visit https://www.kl20.gov.my/ - Reuters
