Malaysia's government and government-linked investment companies (GLICs) will invest MYR1 billion ($211.12 million) in additional funds to match private funds, according to the country's Prime Minister.
Anwar Ibrahim said in his speech at the launch of the so-called "Ekonomi Madani" plan on Thursday that the initiative, one of several under the new economic road map, would include ensuring the provision of funds for each stage of a company's growth, as well as expanding the implementation of programmes such as Corporate Hackathon and MYHackathon.
According to the prime minister, Malaysia was ranked 20th in the world in the Global Startup Ecosystem 2023 report, with the Malaysian start-up ecosystem valued at $46 billion for the first half of 2020 to 2022.
It will also invest an additional MYR100 million ($22.12 million) in R&D, commercialization, and innovation, with a focus on industrial needs such as renewable energy, food security, and new growth areas.
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