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Government Launches Comprehensive Initiatives to Elevate Kuala Lumpur as Top 20 Global Startup Hub by 2030

Kuala Lumpur, Malaysia – 22 Apr 2024 – The Malaysian Government is committed to propelling Kuala Lumpur into the top 20 global startup hubs by 2030, addressing key challenges such as funding accessibility, regulatory navigation, and talent attraction.

YB Rafizi Ramli, Minister of Economy
YB Rafizi Ramli, Minister of Economy

To stimulate Malaysia’s startup scene, the government organized the KL20 Summit 2024 at the Kuala Lumpur Convention Centre on 22-23 April.

Led by the Ministry of Economy, the summit showcased government initiatives to support startups, expand the talent pool, and foster a vibrant entrepreneurial ecosystem. KL20 featured 10 major initiative launches and 50 expert speakers.

KL20 Action Paper and Highlights

During the event, Prime Minister Dato’ Seri Anwar Ibrahim launched the KL20 Action Paper, a roadmap outlining reforms to drive convergence among key stakeholders—founders, venture capitalists, talent, incubators, and accelerators—to elevate Malaysia’s startup tech sector.

“The KL20 Action Paper aims to transform Malaysia’s economy into a high-income nation by reducing dependency on large corporations and shifting towards innovation,” said Rafizi Ramli, Minister of Economy.

“KL20 aims to position Malaysia as a global hub for top talents and scalable startups,” added Rafizi.

The summit convened government decision-makers, unicorn founders, investors, and thought leaders in Kuala Lumpur for discussions, debates, and deal-making.

Movers and Shakers

The event featured speakers like Gobind Singh Deo, Minister of Digital, and international industry pioneers such as Jenny Lee, Carl Pei, Werner Vogels, Geraldine Andrieux Gustin, and Dr Qi Bin, who explored future trends in entrepreneurship and innovation.

Focused on nurturing a dynamic startup ecosystem, the summit attracted startups and investors worldwide, fostering collaboration, investment, and growth.

Government Initiatives

“The government will launch the Single Window Initiative under the Ministry of Science, Technology, and Innovation to simplify procedures and consolidate resources for startups,” said Chang Lih Kang, Minister of Science, Technology, and Innovation.

“The Single Window Initiative will dismantle bureaucratic obstacles and empower entrepreneurs to navigate the startup landscape efficiently,” highlighted Chang.

The Malaysian Startup Ecosystem Roadmap (SUPER) was also developed to propel the country’s startup ecosystem, addressing talent development, funding accessibility, market access, and technology innovation.

KL20 underscores Malaysia’s potential as a startup-friendly environment, particularly in key sectors like semiconductors, fintech, e-commerce, manufacturing, agritech, cleantech, and Islamic finance.

By fostering innovation and investment, Malaysia aims to become a top 20 global startup ecosystem by 2030 and a leading centre for entrepreneurship and innovation in ASEAN, transitioning towards a technology-driven economy.

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