Ministry of Economy: 12 venture capital firms keen to invest in Malaysia

KUALA LUMPUR, July 4 (Bernama) — The government, through the Securities Commission, is in discussions with 12 venture capital firms that have signed letters of intent to set up offices and do business in Malaysia.

The Ministry of Economy said the companies’ total assets under management (AUM) is estimated at US$28.64 billion (US$1 = 4.70 ringgits).

The ministry said the two companies signed a letter of intent to set up their headquarters and operate in Malaysia during the KL20 summit to be held at the Kuala Lumpur Convention Centre on April 22 and 23, 2024.

“The amount of funding expected to be brought into Malaysia will be identified following the conclusion of negotiation sessions with the 12 venture capital firms,” ​​the ministry said on parliament’s website today.

The ministry was responding to a question from assemblyman Datuk Seri Shahidan Kassim (PN-Arau) who wanted to know the total amount of funds that had been successfully raised since the inception of the KL20 summit.

The ministry said 25 letters of intent have been signed for the KL20 summit, with sovereign wealth funds, start-ups, venture capital firms and tech companies participating.

He noted that these agreements will promote the comprehensive strengthening of the startup ecosystem.

According to the ministry, it is hoped that the activities of Malaysia-linked venture capital firms will encourage more investors and players in the start-up and foreign venture capital ecosystem to choose Malaysia as a prime investment destination in the ASEAN region.

The ministry said the presence of venture capital firms will help achieve the goals of the KL20 Vision, propelling Malaysia into the top 20 startup ecosystems globally by 2030.

— Bernama

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