Malaysia’s incentive drive: Malaysia is gearing up to bolster its tech industry by rolling out a suite of incentives aimed at enticing global tech giants to set up shop in the country. Economy Minister Rafizi Ramli revealed on Monday that these incentives will include exemptions and subsidies on rents and employment passes, alongside concessionary tax rates on corporate profits.

The goal is clear: to attract global unicorns, the tech industry's prized billion-dollar companies, to Malaysia's shores. By doing so, the country aims to not only create high-skilled and high-value jobs but also cultivate a pipeline of future entrepreneurs and tech leaders. Minister Rafizi Ramli made these remarks at the KL20 Summit, a platform dedicated to launching new policies geared towards supporting Malaysian start-ups.

This ambitious initiative highlights Malaysia's commitment to positioning itself as a competitive player in the global tech ecosystem. By offering attractive incentives, the government hopes to foster an environment conducive to innovation, investment, and talent development. Moreover, attracting global unicorns could catalyse knowledge transfer, driving local industry growth and propelling Malaysia towards becoming a regional tech powerhouse.

As the digital economy continues to thrive, Malaysia's proactive approach signals a strategic move towards harnessing the transformative potential of technology. By nurturing a vibrant tech ecosystem, the country aims to not only drive economic growth but also to position itself as a hub for innovation and entrepreneurship in the Southeast Asian region and beyond.

With Reuters Inputs