Young startups hail budget

Malaysian young startups hailed the digital-focused Budget 2018, but said that provision of adequate digital infrastructure and well-executed policies remain the key concerns for the country in fulfilling its high-income status aspiration in 2020.

Homegrown car workshop reviews site, Talk Car Asia Sdn Bhd founder and chief executive officer Anthony Loh Li Cheng, 33, said the Industry 4.0 initiatives under the budget would make the local information and communications technology (ICT) industry more competitive, consequently, resulting in a more complete digital ecosystem.

“For instance, the capital allowance for ICT equipment will prompt start-ups like me to upgrade our computers software system and indirectly, nurture more IT-savvy local workforce,” he told Bernama.

Asked if the measures would help Malaysia become a high-income nation in 2020, Loh said factors such as improved Internet infrastructure, effective logistics and transportation services, along with secured online payment system would be a plus for the country to realise this target.

“For example, look at China, digitalisation had helped the country develop rapidly in recent years, but the process took the country at least a decade to transform into today's economic giant,” he said. Loh, however, believed the high-income status goal was achievable if Malaysia was fully equipped with the factors mentioned above.— Bernama