KUALA LUMPUR: Malaysia Digital Economy Corporation (MDEC) will emphasise on three vital domains within its Islamic Digital Economy (IDE) focus, namely Islamic Finance, Halal and Lifestyle.
MDEC chairman Syed Ibrahim Syed Noh said this has been strategically designed to pave the way for a thriving ecosystem.
He said MDEC's role in driving the IDE initiative is multi-faceted and it is committed to nurturing IDE companies by providing a comprehensive ecosystem of mentorship, funding, business matching, and market access.
"We are weaving a tapestry that fosters collaboration and effective partnerships between supply, demand and enablers," he said in his welcoming remarks at the IDE Industry Conference 2023 here, today.
Syed Ibrahim said that the conference today serves as a platform not only to discuss potential and illuminate the path forward in the realm of IDE, but also to forge memoranda of understanding and insights that would form a basis for further collaborative efforts.
"This is merely the first step towards formulating pilot projects which we hope will yield successful proof of concepts so that they may be commercialised," he said.
Meanwhile, through initiatives like Malaysia Digital, he said MDEC is committed to creating a digital ecosystem that nurtures innovation, empowers businesses, and enables digital inclusion.
"We are in the midst of devising Malaysia Digital Catalytic Programmes, or Pemangkin, which are intended to catalyse and accelerate the growth of this sector.
"MDEC also serves as a bridge between traditional Islamic industries and the digital realm, by working closely with halal certification bodies, Islamic financial institutions, and other stakeholders to integrate technology into their processes, thereby enhancing efficiency, transparency, and compliance.
"This not only elevates the quality of services but also strengthens the halal ecosystem and the reach of Islamic finance," Syed Ibrahim added.
According to MDEC's Horizon - Digital Economy Publication 2022 report, the digital economy stood as one of the country's foremost economic cornerstones, contributing 23.2 per cent to the nation's Gross Domestic Product (GDP), or RM348 billion in 2021.
This contribution is expected to reach 25.5 per cent by 2025, or over RM382 billion.
Last year, digital economy continues to show strong momentum with RM42 billion and RM4.76 billion worth of new foreign direct digital investments and domestic direct digital investments approved respectively. – Bernama