Digital Free Trade Zone launched

KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak and Alibaba Group founder and executive chairman Jack Ma have launched the world's first Digital Free Trade Zone (DFTZ) outside China today, which has the potential to double the growth rate of Malaysian SMEs' goods export by 2025.

It is also estimated to support US$65 billion worth of goods moving through DFTZ. Additionally, DFTZ is expected to create 60,000 jobs by 2025.

With the launch of DFTZ, Malaysia will serve as a regional e-fulfillment centre and also become the regional hub for SMEs, marketplaces and monobrands.

Both DFTZ and Electronic World Trade Platform, the brainchild of Ma, want to help SMEs overcome the complex regulations, processes and barriers, and eventually further encourage businesses and traders to connect and collaborate in cross-border trading.