The 4IR Catalyst Grant (4ICG) has been announced by the Malaysia Digital Economy Corporation (MDEC), a government body responsible for promoting the digital economy. The grant is designed to promote the use, development, and commercialization of 4IR technology in the identified priority sectors.
In keeping with the National Fourth Industrial Revolution Policy, MDEC’s Chief Digital Industry Officer, Gopi Ganesalingam said that the implementation of 4ICG will assist to boost productivity, enhance product quality, improve quality of life, and safeguard the ecological integrity of the selected sectors. The 4ICG application is open from November 2021, while the evaluation and approval procedure is scheduled to be completed by December. The grant seeks to fund up to 20 technology companies in various business verticals as follows:
- Key sectors: wholesale and retail trade, transportation and logistics, tourism, finance and insurance, healthcare, agriculture, and education.
- Supporting sectors: construction, real estate, mining and quarrying, information and communication services, arts, entertainment, and administrative and support services.
Successful local applicants will get up to 50% of the entire project cost, up to a maximum of MYR 2 million (USD 480,595), while foreign-owned firms would receive up to 30% of the total project cost, up to a maximum of MYR 2 million (USD 480,595). Grantees will also have the opportunity to be part of MDEC’s GAIN programs, which offer market access, business matching, financial facilitation, and mentorship. More information on 4ICG can be found here: https://mdec.my/4icg.
Malaysia has been introducing strategic initiatives to raise the visibility of Malaysian tech companies globally. In 2020, the Information and Communications Technology (ICT) industry was valued at MYR 320 billion (USD 76.9 million), up 6.1% from the past year. In particular, the sector also contributed 22.6% to Malaysia’s GDP, which comprises the Gross Value Added of the ICT industry (GVAICT) at 14.2%, and e-commerce of other industries at 8.4%.
(Sources: MDEC; Business Today; The Star)
