Through its recent Business Mission to Indonesia, the Malaysia Digital Economy Corporation (MDEC) was able to secure approximately RM100 million in certified digital prospects. Since the reopening of the borders in March 2022, this is MDEC's first Business Mission to Indonesia.
The Business Mission, which will take place in Jakarta from May 16 to 20, 2022, is an outgrowth of MDEC's GAIN Program (Gateway, Amplify, Investor, Nurture), which aims to advance Indonesian technology businesses onto the global arena.
Mahadhir Aziz, CEO of MDEC, said that the Business Mission has allowed MDEC, Malaysian tech companies and other agencies to follow up on opportunities that were first established before the COVID-19 pandemic lockdowns.
“Indonesia has been one of Malaysia’s most strategic technology partners, thanks to their fast-growing and innovative digital ecosystem. With this Business Mission, we can explore potential joint projects that will benefit both our countries as well as ASEAN as a whole.
“Through the GAIN prorgramme, we have been able to deepen collaboration opportunities and bring business opportunities, mindshare, and awareness among our nations’ governments and agencies, as well as to allow startups in both Malaysia and Indonesia to expand their reach, experience, and connections,” said Mahadhir.
Since 2018, MDEC have ran seven Business Missions (three as part of Digital Export Acceleration Missions, and four under the GAIN Connex Programme) which connected more than 40 Malaysian tech companies to Indonesian partners, with a total opportunity value of more than RM370 million in digital exports.
Due to travel limitations imposed by the COVID-19 pandemic, these programmes have been moved online from 2020 to 2021. The purpose of this Business Mission is to revisit and revitalise Jakarta's on-the-ground Business Support Ecosystem.
A total of 18 meetings were held in the Business Mission between government and private stakeholders. This included discussions between the Malaysia External Trade Development Corporation (MATRADE) Jakarta and Indonesia’s Ministry of Communication and Information Technology (KOMINFO), as well as talks with Indonesian entrepreneurship ecosystem enabler KUMPUL.
These talks will cover subjects such as prospective cooperative ventures in the Fintech, Agritech, Cybersecurity, and e-government sectors, as well as Indonesia's ambitions to relocate its administrative capital to Nusantara in East Kalimantan.
The Business Mission also coordinated meetings with two VC funders, AC Ventures and KEJORA, to discuss the most recent funding programmes available as well as value creation for both Malaysian and Indonesian companies seeking to expand capacity and market share.
MDEC will continue to identify opportunities to promote Malaysian portfolio companies for their Direct Intervention exports and ecosystem support in Indonesia and across ASEAN.