Barcelona – Spanish and Malaysian technological powerhouses have participated in a dynamic roundtable session hosted by the Malaysia Digital Economy Corporation in Barcelona. The event, held at the prestigious Círculo Ecuestre, happened during the Smart City Expo World Congress, the world’s leading event for city innovation.
Malaysia is currently one of the globe’s most visionary territories when it comes to market transformation, with its digital economy poised to contribute a staggering 25.5% to the national GDP by 2025, according to MDEC. A multitude of factors, including the country’s strategic ASEAN location, its digitally adept population, diverse multicultural tapestry, access to capital and regional markets, business-friendly ecosystem, regulatory certainty, and high quality of life, make it an irresistible hub for digital enterprises.
The central theme of the discussion focused on Malaysia’s ambition to become a digital hub in ASEAN. This goal hinges on seamless collaboration between government bodies and the private sector, where effective plan execution is crucial, as technology’s innovative edge can diminish over time.
During the discussion, the rapid rise of Spain in the digital sphere was also highlighted, with its participation in the digital market increasing from 18.7% in 2019 to a solid 23.2% at present. The notable advances of Spain in the implementation of 5G were praised, covering over 82% of its territory, and its prominent position as the third-leading nation in fiber optic adoption within the Organization for Economic Co-operation and Development (OECD). The favorable conditions in both nations have led to an increase in the presence of Spanish companies in Malaysia.
Datuk Ts. Fadzli Abdul Wahit, Head of Digital Industry Development at MDEC, emphasised the essence of knowledge exchange. “Understanding the rationale behind solutions employed for common challenges on both fronts is paramount. It’s about adapting methodologies to each unique territory, as a one-size-fits-all approach falls short”. Fadzli also spotlighted a pivotal challenge in the digital economy, the need to strike a balance between societal obligations and the benefits generated.
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