12MP: Digital economy to contribute 25.5% to GDP by 2025

KUALA LUMPUR: The digital economy is expected to contribute 25.5 per cent to the country’s gross domestic product (GDP) by 2025, according to the 12th Malaysia Plan (12MP) document released by the Economic Planning Unit (EPU) today.

The contribution of e-commerce activities to the GDP, meanwhile, is targeted at 10.5 per cent under the country’s digital economy agenda.

“Under 12MP, efforts will focus on providing an enabling environment for the growth of the digital economy, strengthening the provision of digital infrastructure and services, developing future-ready digital talent as well as positioning Malaysia as the ASEAN digital centre.

“The digital economy will change the conventional approach of businesses as well as consumer practices in obtaining information, services and goods,” it said.

The document also said the National e-Commerce Strategic Roadmap 2.0 (2021-2025) will be implemented to spur e-commerce activities, while a national e-invoicing framework will be developed to enable trade partners to seamlessly transact using digital mechanisms.

“Local micro, small and medium enterprises (MSMEs) will be encouraged to increase e-commerce trading through the integration of existing one-stop centres to enable better access to funding, facilities and stewardship.

“The centres will also coordinate intervention related to digital businesses and cross border trading to encourage local businesses in penetrating the global market,” it added.

Meanwhile, the 12MP also outlined targets to achieve 100 per cent 4G coverage in populated areas with more than 100 Mbps (Megabits per second) speed of mobile broadband, and nine million premises to have access to fixed broadband services by 2025.

The implementation of the National Digital Network (JENDELA) initiatives is also expected to enable the development of sustainable, high-quality infrastructure as well as a wider 5G technology standard coverage.

“Policies on the planning and provision of digital infrastructure by both the federal and state governments will be realigned to facilitate investment in state-of-the-art digital infrastructure and to ensure optimum deployment.

“Steps will be undertaken to introduce telecommunication services as a public utility, similar to water and electricity under the Uniform Building By-laws and other relevant laws,” according to the document.

The 12MP also highlighted that Malaysia will capitalise on the strength of ASEAN to attract more investment in the 4th Industrial Revolution (4IR) technologies, particularly from global unicorn companies.

“Efforts will be intensified to establish a conducive ecosystem, including by enhancing the capabilities of MSMEs and improving the coordination in implementing existing programmes and initiatives.

“The growth opportunities from 4IR and potential risks arising from megatrends necessitate the application of 4IR technologies in various sectors of the economy,” it said.

It added that 10 potential sectors will be given focus to facilitate a strategic shift in the economy mainly in wholesale and retail trade, transportation and logistics, tourism, finance and insurance, and utilities.

The remaining sectors include professional, scientific and technical services, healthcare, education, agriculture, and manufacturing, said the document. – Bernama

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

$29,068.63  $517.70  1.81%  
$1.46  $0.0000  0.00%  
$21.71  $2.36  9.80%  
$0.2851  $0.0000  0.00%  
$3,015.06  $26.42  0.88%  
$3.09  $0.0210  0.68%  
₹ 18,338.55  ₹ 176.80  0.97%  
$10,212.53  $155.00  1.54%  
$1.16  $0.0005  0.05%  
$1.38  $0.0074  0.54%  
$114.20  $0.5230  0.46%  
$4,471.37  $33.11  0.75%  
$203.02  $2.38  1.19%  
$35,294.76  $382.20  1.09%