Economic outlook: Budget 2025 to lay foundation for a digital-driven economy

KUALA LUMPUR: Budget 2025 will lay the foundation for a digital and innovation-driven economy, positioning the country towards becoming a high-income nation, according to the Economic Outlook 2025 report released by the Finance Ministry today.

The report said that the Malaysia Digital Economy Blueprint (MyDIGITAL) will support the government's effort to become a regional leader in the digital economy by 2030.

It noted that the blueprint will significantly benefit Malaysia's micro, small and medium enterprises (MSMEs) through enhanced digital adoption, improved infrastructure, expanded market access, empowered upskilling and retraining, strengthened cybersecurity, and increased productivity and competitiveness.

"Accordingly, the GEAR-UP programme will focus on encouraging connections between High Growth High Value (HGHV) industries and MSMEs along the supply chain through digital platforms.

"In addition, the government will prioritise cyber security throughout the digital infrastructure network, which connects all users towards a safe and secure ecosystem that will contribute to increased investor and business confidence," said the report.

The document also said that through the National Cyber Security Agency (NACSA), the government will cooperate with stakeholders to address cybersecurity threats by ensuring compliance with the Cyber Security Act 2024.

"This will include building the capacity of the entire government machinery by undertaking a cyber risk assessment and audit exercise to enhance the resilience of digital infrastructures," said the report.

The report mentioned that providing continuous and uninterrupted connectivity across the nation is paramount by expanding the communication network to cover all blind spots, particularly in promoting investments in data centres, cloud computing and other technology-driven services.

"This encompasses having a comprehensive and reliable internet infrastructure that facilitates innovation and adopting advanced technologies such as robotics, artificial intelligence and the Internet of Things (IoT), which appeal to investors looking for a cutting-edge environment," it said.

The report further said Budget 2025 will entail efforts to position Kuala Lumpur as a top 20 global startup hub by 2030 through the KL20 initiative.

This initiative aims to create a conducive environment, foster investment and deal-sourcing opportunities for venture capitalists and encourage more funding for startups to drive innovation in Malaysia.

-- BERNAMA

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