KUALA LUMPUR: Two strategic partnerships were signed between technology companies from the UK and Malaysia today during the UK Mega Tech Mission led by the UK Department for International Trade (DIT) in collaboration with the Malaysia Digital Economy Corp (MDEC), the Johor State Investment Centre (JSIC) and GBS Iskandar.
The first partnership is between Action Starter (UK) and CXS Analytics (Malaysia) to integrate both companies’ platforms to deliver digital solutions, enabling job seekers, policymakers and educators to address employment, training and development issues.
The second partnership is between Kino-mo (UK) and People n Rich Holdings (Malaysia) to promote the adoption of new ad-tech innovations through the introduction and distribution of Hypervsn in Malaysia. Hypervsn is a media planning solution for creating, displaying and managing 3D content.
The UK Mega Tech Mission, comprising 40 tech companies from the UK, is the third and largest UK tech delegation to visit Malaysia since the signing of a memorandum of understanding between both countries in June 2016 to strengthen the digital partnership.
“The contingent this year has grown by multiples. Last year we had about a dozen companies compared with 40 this year. More importantly is the kind of B2B (business-to-business) meetings that we are conducting this year which shows the level of interest from both the local and UK companies. We have about 600 of such B2B discussions happening right now,” MDEC CEO Datuk Yasmin Mahmood told reporters at a briefing today.
To date, direct investment from the UK to Malaysia in the technology sector has reached RM270 million with DIT recording RM40 million worth of tech exports into Malaysia. The UK Mega Tech Mission is targeting 1,000 B2B meetings over the three-day visit covering Kuala Lumpur and Johor.
“In the context of Asean, the proposition is even more compelling. That is the key attraction for the UK companies to come into Malaysia… from Malaysia they can get into the big Asean market. It is already happening right now with the UK companies coming into Malaysia and expanding very quickly into Asean. We hope for this to continue to grow,” said Yasmin.
She said the relationship between the two countries had also provided access for Malaysian tech companies with solutions for mature markets to enter the UK and expand into Europe.
British High Commissioner to Malaysia Vicki Treadell said the UK is not just a platform for Europe but a global platform and the collaboration between the UK and Malaysia is aimed at going global together.
Meanwhile, Treadell said the two countries have been looking at how to develop its trade and economic relationship with the digital sector and education being among the key sectors of growth. DIT and International Trade and Industry Ministry have drafted a paper, which will be ready by year-end, to set the terms of engagement.
“As you know we will be leaving the European Union, and as we do, we look out to the world and we look for new opportunities for Britain’s place in the new economy. With Malaysia, we want to look at things we can do together, between now and some point in the future when we are able to negotiate a free trade agreement,” she said.
Read the original story on: TheSunDaily.My