Business as usual for MaGIC, says CEO

CYBERJAYA: The future of the Malaysian Global Innovation and Creativity Centre (MaGIC) seems secure for now following the attendance of Finance Minister Lim Guan Eng for one of its events at its building here today.
During the launch of MaGIC's Global Accelerator Programme (GAP), Lim expressed his support for social and technological entrepreneurs during his speech.
"There must be a determination, resilience and sacrifice in order to achieve your dreams. In the end, it all comes down to people and values," he told the 200-plus crowd at the event today. "We need to shape a future that works for all of us by the people first and by empowering them.
Lim also said the RM1 billion pledge in the Pakatan Harapan's manifesto for the Young Entrepreneurs Empowerment Fund will have to be delayed until the government stabilises its finances.
"The government remains committed to delivering our promises contained in the election pledge. However, with the country debts at RM1 trillion, we need some time to fulfil this.
"I hope you can give us some time. So far we have fulfilled our promises on Goods and Services Tax (GST) and BR1M (Bantuan Sara Hidup)," he said during a question and answer session during the event.
When quizzed by reporters following the event on the government agency's future, Lim said he has nothing new to update.
"I have nothing new to say. If there is something new to say, I will say it. That's all," he said.
Lim's response came after the future of several government agencies including MaGIC were called into question during the first cabinet meeting of the Pakatan Harapan government.
However, MaGIC chief executive officer Ashran Ghazi said "it was business as usual" after he had met Finance Ministry officials within a week after reports of MaGIC's possible dissolution was published.
Ashran said despite the government seed fund agency operating as usual, budget cuts for MaGIC would be expected.
It is learnt that MaGIC receives RM50 million budget from the government annually since its inception in 2014.