Photo - Ganesh Kumar Bangah, Chairman of The National ICT Association of Malaysia (PIKOM)
After PIKOM's announcement welcoming the recent appointment of Yang Berhormat Gobind Singh Deo as the new Communications and Multimedia Minister recently, I wanted to pen some industry perspectives on where our nation stands today in the digital transformation stakes.
The Multimedia Super Corridor implemented in 1996 through MDEC, has put Malaysia in a strong position to reap benefits from many growth opportunities. The Southeast Asian Internet economy is expected to grow from US$50 billion to US$250 billion over the next seven years.
Malaysia needs to maintain its trajectory of transformation and continue to embrace changes in the world of digital technologies. Just a few years ago, at our PIKOM Leadership Summit (PLS), the buzzwords were 'mobile, social media, cloud.'
Today, new buzzwords - 'IoT, Industry 4.0, data economy, AI and eCommerce' - are in the process of transforming all our industries into digital businesses: today, the digital economy has become very real and disruption is the new normal.
A new era of change is upon us - compounded by the change of government this month: our nation is rapidly embracing digital economy and implementing the Fourth Industrial revolution. It's a time to catch our breath, refresh our resolve and find ways to achieve greater efficiencies at all levels...but without losing momentum.
Digital technologies can also equip companies to win opportunities with and to the global market. PIKOM as the voice of the IT industry has a vital role to represent and drive the private sector of Malaysia successfully into the new era through key catalytic initiatives, designed to boost our digital economy.
Digital Convergence: What it means for Malaysia
Digital convergence is transforming the way Malaysians work and, indeed, all aspects of our daily life. More and more Malaysians across all groups are beginning to tap online opportunities to generate income, inspired in no small part by private sector efforts supported by government agencies over the last couple of years.
Digital Economy cannot be a real economic driver for the country if it is not felt by all of the rakyat, and we have to make sure that all segments of society are included in the transformation efforts by MDEC and other agencies.
The digital economy is change the way we trade: eCommerce is one of the fastest growing sectors globally. Our local businesses are seeing more and more cross-border eCommerce trading.
eCommerce contributed an increased gross domestic product (GDP) of 6.1 per cent or 74.6 billion in 2016 as compared to 5.9 per cent or 68.3 billion in 2015. E-Commerce in South East Asia and is expected to grow from USD 10 Billion in 2017 to USD 88 Billion in 2025. It is the fastest growing and expected to be largest sector of the South East Asian internet economy.