Malaysia’s e-commerce to be a key part of economic growth

Malaysia’s e-commerce income almost hit US$190bil for the first nine months of 2021. This was an increase of 23% compared with the same period last year and gave the country’s digital economy growth an enormous boost.

In 2020, its digital economy was 22% of gross domestic product and is seen to create about 500,000 jobs by 2025.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said digitalization is a strategic goal to sustain economic growth, with the help of private-sector partnerships, and grants and assistance to smaller businesses.

He added that Malaysia’s digital payment solutions last year grew by a whopping 664% in merchant registrations, as critical digital advances cushioned the blow brought by a raging pandemic

The government, he said, is committed to the long-term digital economy blueprint which aims to empower Malaysians with digital literacy, high-value job creations, fintech education, and healthcare. The three-phase plan will be implemented until 2030 and includes investments in digital framework, telco strengthening activity, 5G nationwide rollout, strengthening cloud service provider, at a US$15-bilion cost.