Breakdown of MDEC’s DIF5 strategy to achieve MyDIGITAL goals – Health Guild News

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On July 19, 2021, MDEC announced a five-year plan aimed at improving Malaysia’s digital economy, Future 5 Digital Investments (DIF5).

This plan conforms to the objectives of the MyDIGITAL map to attract investments worth RM 70 billion by 2025. For five years, this initiative is aimed at:

  • Insurance Investments of RM 50 billion;
  • Focusing on 5 key industry sectors, 5 focus technologies, 5 emerging technologies, i global business digital services;
  • Attractions 50 Fortuna500 technology companies to land and expand in Malaysia;
  • To set 5 unicorns; i
  • Creating 50,000 high value jobs inside MSC Malaysia (formerly known as the Multimedia Super Corridor).

Focusing on five key industry sectors:

1) AgTech

In other words, agritech (agriculture + technology). Is it like that the use of scientific techniques improve the agricultural sector, such as the use of automated irrigation systems to reduce labor during agriculture.

From the Malaysia’s latest Department of Statistics (DOSM) 2019 report, the agricultural sector is the third largest contributor to GDP (7.1%, which is 101 billion RM) in the country, along with the mining and quarrying sector.

The world agricultural industry was worth more than US $ 9.6 trillion in 2020. Despite the pandemic, the industry is also expected to grow at a compound annual growth rate of 6% by 2021, according to a collaborative report by Deloitte and MaGIC.

With the memorandum of understanding contributing to the growing use of technology in agriculture, it is estimated that there will be a 30% increase in job opportunities created in 2025 in this sector, including young people.

2) HealthTech

They are technology such as AI, medical devices, computer systems, algorithms, cloud and blockchain, and so on. designed to support the healthcare industry.

By 2027, our local healthcare sector is already planned reach 127 billion RM. In addition, more than 90% of locally manufactured medical devices are exported and Malaysia supplies 60% of the global medical gloves market and 80% of catheters. In fact, the global market for this health sector is expected to only reach US $ 33 billion by 2021.

3) Islamic Digital Economy (FDI) and FinTech

The IDE is one catalyst for Islamic finance and the halal industry. Islamic FinTech includes insuretech /Takaful, and Islamic social finance as zakat, stopped, etc.

Global Islamic financial assets are expected to grow close 4 trillion US dollars in 2024 and locally, FIKRA Fintech Islamic Accelerator Program it already plans to feed hopeful startups in this sector.

Malaysia has a strong level in Islamic fintech technology, which features the greater number of suppliers in the world and a ranking of being the Islamic economy number one globally, by the State of the Report on the Global Islamic Economy 2020/2021.

4) Clean technology

Is synonymous with green technology, which includes renewable energy sources, new recycling methods and other technologies used to improve environmental sustainability. Globally, this industry is expected to generate one income of US $ 57.8 billion by 2030.

Malaysia has done the same committed reduce its greenhouse gas emissions by 45% in relation to the country’s gross domestic product in 2005 under the Paris Agreement of 2016, hence the urgency for the public and private sectors to be involved month.

5) EduTech

EduTech refers to the implementation of technologies for educational purposes, inside and outside the physical classroom. It is a sector that has seen the growth of various educational applications, online classroom sites and more.

In 2025, the edutech world market it will reach US $ 404 billion in total spending, according to market intelligence shared by HolonIQ. Locally, Malaysia’s e-learning market already existed seeing a compound annual growth rate (CAGR) of 16.4% in 2019.

It is now expected to become the Malaysian e-learning market exceed 2 billion US dollars in 2023, thanks to the growing demand for edutech, smart classes, etc., especially during the pandemic.

The five technologies focused on the growth of the sectors:

  • Cloud computing: He delivery of different services over the Internet such as data storage, servers, databases, networks and software. A popular example of cloud computing that most of us use is Google Drive.
  • Data center: A physical installation that organizations use to host their critical data and applications, and they look almost like library shelves.
  • Artificial intelligence: Technologies that imitator the problem-solving and decision-making capabilities of the human mind.
  • Cyber ​​security: He protection of networks, devices and data from unauthorized access or criminal use and the practice of ensuring the confidentiality, integrity and availability of information.
  • Digital content tools: Sites and programs used in the creation or consumption of digital content.

5 emerging technologies are growing:

  • Blockchain: A decentralized ledger of all transactions across an equal-to-equal network.
  • DroneTech: Technology that powers drones that are remotely or controlled autonomously using integrated software.
  • Edge Computing: A distributed computer framework that brings business applications closer to data sources such as IoT devices or local peripheral servers.
  • Extended reality: too known like XR, which is the general term for virtual reality (VR), augmented reality (RA), and mixed reality (MR), basically all things related to the virtual environment.
  • Advanced robotics: Unlike conventional robotics that you may have encountered during school days, advanced robotics is able to act autonomously.

According to MDEC, these “will increase the nation’s economic complexity and help develop new and existing economic clusters, which in turn create high-value job opportunities and extend national economic ties,” which is in line with Malaysia’s national investment aspirations (NIA).

In addition to contributing to the national digital economy plan we have, these technologies will also be linked to the upcoming MDEC Global Testbed Initiative, which will allow Malaysia to be a test bed for future technology investments.

In addition, they will develop the nation’s intellectual property and talent pool in future technologies, as this initiative will collaborate with higher learning institutes and think tanks.

The biggest picture

In addition to developing and attracting new technologies for DIF5, MDEC will also make increasing efforts to grow digital services for global companies. This is so that they can promote the use of robotic process automation and data analysis as well as knowledge engineering.

Dictionary time: Knowledge engineering is a field of artificial intelligence (AI) that develops rules that are applied to data to mimic the thought process of a human being expert in a specific subject.

Investopedia

To start DIF5, MDEC recovered Malaysia’s most technical for 2021 (which premiered last year) on July 29, 2021, and this virtual event includes workshops, roundtables, and business concordance sessions that you can attend for free.

  • You can learn more about MDEC’s DIF5 strategy here.
  • You can read more MyDIGITAL articles we’ve written here.

Featured Image Credit: Open Gov Asia (left) and Surina Shukri, CEO of MDEC (right)





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