Najib: 2017 will be the year of 'Internet Economy'

PUTRAJAYA: It will be the year of "internet economy" for Malaysia in 2017 and Malaysians must be prepared for it, Prime Minister Datuk Seri Najib Abdul Razak (pix) said.
"The digital revolution is upon us at lightning speed, so we must embrace and adapt to change," he said during the closing ceremony of the 28th MSC Malaysia Implementation Council meeting, here, today.
Najib said the country's digital economy made up 17.8% of the overall gross domestic product (GDP) as of 2015, and is set to hit its target of 18.2% by 2020.
He also noted that MSC Malaysia, formerly Multimedia Super Corridor, has recorded over RM304 billion in investments and created close to 160,000 jobs since its inception in 1996.
He said these were all largely due to the effort and initiatives taken by the Malaysia Digital Economy Corporation (MDEC), a government-sponsored initiative.
Hence, with the internet economy agenda in mind, Najib outlined five key strategic catalysts, namely physical microcosms, risk capital funding, connectivity, building of talent pool and regulatory framework.
"The one that stood out for me is the creation of physical microcosms, a cluster of digital hubs where a new breed of internet economy, mainly start-ups, scale-ups and SMEs connect, converge and create ideas.
"To encourage the setting up of these hubs, we will ensure a simpler and faster approval process, which will be approved by the Communications and Multimedia Ministry," he said.
In addition, Najib said the government has also agreed to allocate Public Service Department (JPA) scholarships for digital technology-related courses.
He said the eUsahawan and eRezeki programmes which started last year are also testaments of the country's effort to enhance internet economy.
Meanwhile, Najib said some 20,000 data professionals and 2,000 data scientists are needed by 2020 with Big Data Analytics (BDA) set to be a key driver of the digital economy.
With only 350 data scientists presently, Najib said those numbers will be developed via two fronts, formal university initiatives and professional development.
Among others present at the event were Communications and Multimedia Minister Datuk Seri Salleh Said Keruak, International Trade and Industry Minister Datuk Seri Mustapa Mohamed and Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin.