1. YB Lim Yi Wei State Assemblyman for Kg Tunku
2. YBhg Tuan Aznan Hj Hassan Deputy Mayor of Petaling Jaya

Members of the media

Ladies and Gentlemen

Good afternoon, Salam Perpaduan and Salam Malaysia MADANI.

1. Firstly, I’d like to thank the organiser, the office of the Kg Tunku state assemblyman member YB Lim Yi Wei for inviting me to the 5th edition of this annual festival. A big thank you also goes to the Petaling Jaya City Council (MBPJ) for its strong support of this much-anticipated industry event.
2. Malaysia is increasingly in the spotlight as an attractive destination for tech investments due to factors such as our favourable geographic location in the heart of Southeast Asia, thriving infrastructure, and progressive policies. Malaysia is rich in diversity and our workforce have multilingual capabilities, increasing our adaptability and resourcefulness.
3. Therefore, it is no surprise that Malaysia is increasingly becoming a hotbed for startups. According to Startup Genome, Malaysia’s startup ecosystem is currently estimated to be valued at US$46 billion, with over 3,000 local startups in various sectors from fintech and e-commerce, to health tech and Islamic finance.
4. Currently, Kuala Lumpur is recognised as one of the top 30 emerging ecosystems in the Global Startup Ecosystem Report 2024, generating over RM220 billion in ecosystem value in the past three years. This strong ranking highlights the country's success in fostering a vibrant environment for tech companies, startups, and investors.
5. The inaugural KL20 Summit held in Kuala Lumpur in April this year highlights the MADANI Government's commitment to support and grow a strong startup ecosystem as well as promote that ecosystem to international venture capitalists. The objective of KL20 is to get Kuala Lumpur on the world map as a Top 20 Global Startup Ecosystem by 2030.

Ladies and gentlemen,

The Digital Ministry as a key enabler of the digital economy

6. Nurturing and accelerating the tech ecosystem is one of the main responsibilities of the Digital Ministry. This is mainly done through MDEC, an agency under my ministry,
7. MDEC has also facilitated 262 funding deals worth USD 402 million between 2020 and 2023. Among its key initiatives include the Investor Matching Programme, a platform where startups are matched with venture capitalists for investment opportunities; the Founder’s Grindstone, a capacity-building programme for tech entrepreneurs. MDEC also promotes alternative financing options to assist micro-, small-, and medium-sized enterprises (MSMEs) in sustainability and growth.
8. One of the more exciting developments is the partnership between MDEC and one of the world’s leading pre-accelerators, Draper University, which has committed to setting up a base in Kuala Lumpur. This is Draper’s first campus outside of Silicon Valley, and it will support and spearhead the growth of 140 startups in Malaysia over the next two years with a focus on companies that operate in the AI, Cybersecurity, Blockchain, Web3, and advanced 5G space.
9. Such a move is vital in supporting and spearheading the pipeline of VCs, and startups looking to enter and expand in Malaysia, as well as providing mutually beneficial market access for emerging Malaysian companies to propel the country’s tech sector to even greater heights.

Fostering a legacy of progress and prosperity

10. With increasing and rapid technological advancements, shifting consumer behaviours, and intense global competition, the digital landscape is definitely challenging. However, within these challenges lie immense opportunities, and it is our startups as well as Small and Medium Enterprises (SMEs) that are best positioned to seize them.
11. At the end of the day, the key to a vibrant, dynamic and secure digital ecosystem is collaboration. Collaboration between the private and public sector; collaboration between local, state and federal authorities; collaboration with academia and community; as well as collaboration with international entities on best practices – all those partnerships are critical for us to achieve a holistic, inclusive and resilient environment in which all stakeholders can benefit from, thrive and prosper.
12. By fostering a legacy of prosperity and progress by investing in the betterment of society and the advancement of humanity, and by nurturing growth, resilience, opportunity, and meaningful relationships, we lay the foundations for a brighter future that will empower both individuals and communities to realise their fullest potential.
13. And as Malaysia assumes the ASEAN chair next year, the government is committed to ensuring that technological innovations reflect the values of empathy, equity and social justice – in order to build a conducive digital ecosystem for the country and the region.

And on that note, I thank you again for having me here today and I wish you all the best in your endeavours. Thank you.