Government launches comprehensive initiative to make Kuala Lumpur one of the world’s top 20 startup hubs

Kuala Lumpur, Malaysia – April 22, 2024 – The Malaysian government aims to propel Kuala Lumpur into the top 20 startup hubs in the world by 2030. The current challenges for startups in Malaysia are raising capital, overcoming regulatory barriers, and attracting top talent.

Therefore, the government held the KL20 Summit 2024 at the Kuala Lumpur Convention Center from April 22 to 23 with the aim of revitalizing Malaysia’s startup scene.

The summit, led by the Ministry of Economy, showcased how the government plans to roll out supportive policies, expand the talent pool and foster a vibrant entrepreneurial ecosystem. KL20 featured the presentation of 10 major initiatives and lectures by his 50 experts.

KL20 action paper and highlights

At the event, Malaysian Prime Minister Dato’ Seri Anwar Ibrahim achieved convergence between key stakeholders such as founders, venture capitalists, talent, incubators and accelerators to promote Malaysia’s startup technology sector. announced the KL20 Action Paper, a comprehensive roadmap outlining concrete reforms to achieve this goal. To new heights.

“The KL20 Action Paper considers the big picture of driving the structural transformation of the Malaysian economy into a high-income country. Reduce the economy’s current dependence on large corporations, shift the economy towards innovative sectors and We need to increase the proportion of skilled workers. Therefore, building Malaysia’s startup ecosystem is a key solution,” said Economy Minister Rafizi Ramli.

“KL20 aims to make Malaysia the destination of choice for the world’s top talent and high-potential, scalable startups by creating an enabling business environment.”

Rafiji added.

The Summit brings together government decision-makers, unicorn founders, multi-billion dollar funders and thinkers in Kuala Lumpur to serve as a central platform for discussion, debate and consensus-building. It is central.

The KL20 summit aimed to ease access to talent (Visa Green Lane), make investment and deal sourcing more regular (VC Golden Pass), and make AI infrastructure more mature (Graphics Processing). It also witnessed the introduction of a series of comprehensive key initiatives. unit installation).

mover and shaker

The event featured speakers such as Digital Minister Govind Singh Deo, as well as an impressive lineup of international speakers and panelists. These included industry pioneers like Jenny Lee, Senior Managing Partner of Granite Asia. Carl Pei, Nothing CEO. Wenner Vogels, Amazon Chief Technology Officer. Geraldine Andrew Gustin, Founder and CEO of DeepTech and The Hive. Dr. Qi Bin, Deputy Chief Investment Officer of China Investment Corporation; They delved into the factors shaping the future of entrepreneurship and innovation.

Focused on fostering a dynamic startup ecosystem, the summit brought together startups and investors from around the world, creating a platform for collaboration, investment, and growth.

Government initiatives

“The government will launch the Single Window Initiative under the Ministry of Science, Technology and Innovation to support the Malaysian startup ecosystem by simplifying procedures and consolidating resources within a unified platform,” said Chan Lee. Minister of Science, Technology and Innovation Kang said.

“The Single Window Initiative is designed to remove bureaucratic hurdles, speed up approvals, and help entrepreneurs navigate the startup environment more efficiently by helping startup founders, investors, and technical talent. We will support key stakeholders, which is critical to boosting Malaysia’s innovation scene towards achieving the KL20 goals,” Mr Chan stressed.

The government has also developed the Malaysian Startup Ecosystem Roadmap (SUPER). This will serve as a blueprint to propel the country’s startup ecosystem to new heights as a regional hub. SUPER was established to identify key focus areas and areas of action to drive the expansion and development of the startup ecosystem in Malaysia, including developing talent, ensuring access to finance, ensuring market access, innovation and social We are working on key areas such as driving impact;

conclusion

KL20 highlights Malaysia’s potential as a favorable environment for startups, especially in key sectors such as semiconductor and integrated circuit design, fintech, e-commerce, manufacturing and automation, agritech, cleantech, and Islamic finance.

Malaysia aims to become one of the world’s top 20 startup ecosystems by 2030 by fostering innovation, collaboration, and investment, as well as to grow its low-cost, commoditized industrial base to become the largest startup ecosystem in ASEAN. We aim to establish ourselves as a leading center of spirit and innovation. Technology-based economy.

For more information, please log on to https://www.kl20.gov.my


This article was brought to you by KL20 Summit 2024.

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