The KL20 Summit 2024 is expected to provide a fertile ground for investors and founders to meet - and hopefully sign a deal by the end of the summit. (Photo: malaymail.com)
Kuala Lumpur (VNA) – Six Malaysian ministers on April 22 made a joint commitment to ensure acoherent approach to achieve the goal of the Kuala Lumpur 20 Summit 2024 (KL20summit 2024) to make Malaysia a vibrant hub for startups andhigh-quality investments.
Malaysian strives toone of the top 20 global startup hubs by 2030.
Speaking at theopening session of the summit, Malaysian Prime Minister Anwar Ibrahim said thatthe 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 globalecosystem chain.
He stressed that theMalaysian government is determined to support startups through clear policiesthat encompass the country's visions, strength of resources and investorperspectives.
Anwar, who is alsoMalaysia's Finance Minister, announced that the Khazanah Nasional - Malaysia's sovereign wealth fund will establish a 3 billion MYR (nearly 630,000 USD) investmentfund for the Southeast Asian - Malaysian ecosystem under the ASEAN InvestmentInitiative, of which 1 billion MYR will be invested in Malaysian innovation companies with high growth rates.
In the field ofsemiconductors, Anwar revealed plans to build Southeast Asia’s largest integrated circuit (IC) design park in Selangor state. He emphasised that the park isexpected to be a place for global companies to cooperate in chip production, like the UK’s Arm.
Earlier, at thesummit, Malaysian Minister of Economic Affairs Mohd Rafizi Ramli said that theevent will help participants learn about regulations, opportunities andincentives and connect with startups, investors, and advisors. In addition, thesummit also highlighted Malaysia's potential as a favourable environment forstartups, especially in key sectors such as manufacturing and automation,agricultural technology, clean technology, and Islamic finance.
Held by the MalaysianMinistry of Economic Affairs from April 22-23, the summit attracted more than50 domestic and international speakers and 3,000 guests./.
