Digital Economy

MALAYSIA is always working hard to improve its economy.

This is to ensure that the rakyat have a good standard of living.

One of the efforts to make our economy stronger is the digital economy.

Finance Ministry Secretary General Tan Sri Dr Mohd Irwan Serigar Abdullah said on April 19 that the digital economy which contributes 17 percent to the country’s gross domestic product is set to exceed the projected target of 20 percent, earlier than 2020.

What is the digital economy?

How does it benefit the rakyat?

What Is The Digital Economy?
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The digital economy is a new way for any country to grow its economy.

In the old days such as in the 1950s, 1960s, 1970s and the 1980s, Malaysia’s economy relied so much on agriculture such as rubber tapping, growing palm oil and also mining tin.

And then the economy grew to the manufacturing and industries sector such as producing televisions, the Proton car and air conditioners for the export market.

And then our economy expanded into the services sector such as offering medical treatment to foreign tourists and offering financial services to investors.

And now, Malaysia is going into the digital economy.

Examples Of The Digital Economy
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The digital economy is when Neelofa is able to sell her headscarves in Malaysia as well as in 50 other countries such as in England, China and Japan.

The digital economy is when Pak Cik Leman in Kelantan is able to make frozen roti canai which is sold in Tesco Puchong as well as in Carrefour in Paris, France.

Digital economy is all about being able to sell your products in Malaysia and all over the world.

Other examples of the digital economy is buying and selling clothes on-line or developing computer software systems for companies.

Another example of companies using the digital economy include Uber and Grab taxi.

The digital economy is a new way for a Malaysian to earn an income because by driving the Uber car, a Malaysian will be able to earn an income and help his family.

This will enable the rakyat to earn a living and help his family and even the country.

How To Train Young Malaysians In The Digital Economy
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The digital economy is based on high technology, knowledge, the Internet, computers and everything that is related to the information technology (IT) sector.

As an example, let us take a look at the smartphone.

The smartphone is based on the digital economy where it takes knowledge to teach a person on how to make the phone.

The phone is then sold to customers all over the world.

Customers from Japan to Malaysia and the US just love the smartphone, tablets and technology.

That is why there are so many smartphone companies out there.

Young Malaysians can also be trained to develop the apps or applications to be installed in the phone.

All this is digital economy which is growing all over the world.

The Whole World Is Using The Digital Economy
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From the United States to Japan and even Pakistan, everybody is using the smartphone, the Internet, the computer and all the apps.

So because of this, the digital economy is the way to go forward and Malaysia must also take advantage of the digital economy by setting up companies to develop these digital products.

These companies which are usually called start ups, are mostly young Malaysians who are innovative and eager to work hard.

There is all sorts of start up companies such as Food Panda which helps deliver food to your house.

There is also lorry.com which helps you find a lorry to transport your stuff from Kuala Lumpur to Johor Bahru.

This is a blessing for the rakyat as these young Malaysians can help push the economy forward.

How Can The Young Malaysians Help The Economy and The Rakyat
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Some young Malaysians who is using the digital economy can help the rakyat.

Just look at Neelofa who is selling her headscarves all over the world.

Neelofa is the perfect example on how young Malaysians can use the digital economy to help the rakyat.

Neelofa just became among Asia’s top businesswoman under Forbes 30 Under 30 Asia 2017 list.

Neelofa will inspire a lot of young Malaysians to be successful like her.

How can she help the rakyat?

She can help the rakyat by providing jobs and train the young Malaysians.

And her company NH Prima International Sdn Bhd will also pay tax to the government which is then used for the rakyat.

Her company will help boost the image of Malaysia which will attract other international investors to come into Malaysia.

Digital Economy Corp Bringing in New Investments
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Malaysia’s number one information technology agency Digital Economy Corporation which was previously known as Multimedia Development Corp is also helping Malaysia a lot by bringing in the investments.

The newly launched Digital Free Trade Zone will double the growth of Malaysian small and medium scale enterprises increasing global exports by US$25 billion and create 60,000 jobs by 2025.

Tan Sri Irwan said if the Digital Economy continue at this rate, the gross domestic product growth target of 20 percent will grow earlier than 2020.

According to the Star on April 19, Irwan expressed confidence that the level could be achieved earlier as Malaysia had started making waves in the digital economy arena this year, first with the launch of the Digital Free Trade Zone on March 22 and now, the Malaysia Digital Hub.

Malaysia is Friendly to All New Digital Economy Companies
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Malaysia is also friendly to all digital economy companies or startups.

The rules and regulations as well as policies and facilities are all already in place.

The Digital Free Trade Zone and the Malaysia Digital Hub for example attracts all the digital economy companies to come into Malaysia.

In return, there will be no tax for companies doing business in the zone and the Malaysia Digital hub.

Bernama reported on April 22, the Malaysia Digital Hub offers startups an opportunity for global expansion, ready access to high-speed broadband and fibre-optic connectivity, funding and plenty of workers.

All these efforts by the government will augur well for the economy which will then benefit the rakyat.

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