(KPL/VNA) – Six Malaysian ministers on April 22 made a joint commitment to ensure a coherent approach to achieve the goal of the Kuala Lumpur 20 Summit 2024 (KL20 summit 2024) to make Malaysia a vibrant hub for startups and high-quality investments.

Malaysian strives to one of the top 20 global startup hubs by 2030.

Speaking at the opening session of the summit, Malaysian Prime Minister Anwar Ibrahim said that the summit will be a forum to create favourable conditions for startups to make high-value investments and encourage them to expand abroad by leveraging on a complete global ecosystem chain.

He stressed that the Malaysian government is determined to support startups through clear policies that encompass the country's visions, strength of resources and investor perspectives.

Anwar, who is also Malaysia's Finance Minister, announced that the Khazanah Nasional - Malaysia's sovereign wealth fund will establish a 3 billion MYR (nearly 630,000 USD) investment fund for the Southeast Asian - Malaysian ecosystem under the ASEAN Investment Initiative, of which 1 billion MYR will be invested in Malaysian innovation companies with high growth rates.

In the field of semiconductors, Anwar revealed plans to build Southeast Asia’s largest integrated circuit (IC) design park in Selangor state. He emphasised that the park is expected to be a place for global companies to cooperate in chip production, like the UK’s Arm.

Earlier, at the summit, Malaysian Minister of Economic Affairs Mohd Rafizi Ramli said that the event will help participants learn about regulations, opportunities and incentives and connect with startups, investors, and advisors. In addition, the summit also highlighted Malaysia's potential as a favourable environment for startups, especially in key sectors such as manufacturing and automation, agricultural technology, clean technology, and Islamic finance.

KPL