Cyberjaya to be revived as a tech hub

KUALA LUMPUR: The government will rejuvenate Cyberjaya as the technological hub that it was intended to be, said the Ministry of Entrepreneur Development.

Its minister Datuk Seri Mohd Redzuan Md Yusof said the main objective of Cyberjaya was forgotten as it had been marketed more as a real estate destination rather than a technological hub.

“We are very keen to bring up Cyberjaya as a technological hub especially on the back of the massive potential of Malaysian technology firms to achieve high growth firms (HGF),” he said on the sidelines of the World Bank Global Report launch titled HGF: Facts, Fiction and Policy Options for Emerging Economies” here today.

Redzuan said the ministry was engaging in multiple knowledge sharing sessions with the private sectors of Japan, China and the US.

“We believe that Malaysia has massive potential to become a battery development and manufacturing hub and we are currently engaging with US scientists in making this viable. Other sectors that we can bring up other than technology is the software capability.”

Redzuan had earlier commended World Bank’s efforts for its research into the HGF report.

“With the setting up of the Entrepreneur Development Ministry, entrepreneurship policies are now expected to be further strengthened and reoriented to a broader framework as to achieve the country’s goal of growing an entrepreneurial economy.

“Some of the ministry’s targets include boosting small and medium enterprises’ (SMEs) contribution to the gross domestic product (GDP) to 41 per cent by 2020.

“We’re committed to creating one million jobs in the next five years, producing 50,000 entrepreneurs to generate 200,000 jobs a year and to train 50,000 graduates a year in entrepreneurship,” he said.

World Bank country manager for Malaysia Firas Raad said the country was well poised to develop an entrepreneurial economy as an engine of future growth to achieve a high-income economy.

“Malaysia has already begun re-orienting entrepreneurship policies in order to cultivate more HGFs, as outlined by Finance Minister Lim Guan Eng in the 2019 Budget,” he said.

“The probability of high growth is associated with firm capabilities manifested in innovation, external linkages, managerial experience and financial access,” he added.

Source: NST