KUALA LUMPUR: An economist has expressed confidence in the government's announcement of various initiatives aimed at positioning Kuala Lumpur as a global startup hub by 2030.

Universiti Putra Malaysia School of Business and Economics lecturer Associate Professor Dr Lee Chin believes the initiatives have the potential to attract high-quality global investments and empower local entrepreneurs to capitalise on global opportunities.

She views these initiatives as promising drivers of innovation, economic growth and job creation within the country.

"Malaysia has a lot of potential to become a startup hub and connect startups from different regions, given its strategic location in Southeast Asia, making it accessible to other major markets in the region.

"Active initiatives and incentives by the Malaysian government attract both local and international firms to establish their presence in Malaysia," she told the New Straits Times.

Lee said Malaysia's diverse and skilled workforce, proficient in multiple languages, is a valuable asset for companies looking to expand and recruit talent.

She said Malaysia also has well-developed infrastructure, including modern office spaces, high-speed internet connectivity, and a robust transportation network further enhancing its appeal as a destination for businesses and startups alike.

Earlier today, during the launch of the KL20 Summit 2024, Prime Minister Datuk Seri Anwar Ibrahim said the initiatives was an ideal launch pad for innovative ideas, affirming the government's commitment to boost Malaysian start-up companies.

He said venture capital firms would be setting up offices and new funds in Kuala Lumpur.

The 12 firms are sophisticated international firms with asset under management sizes above billions and illustrious investment track records, so that good Malaysian start-ups will be discovered and nurtured to be globally successful.

High-Tech companies will set up their operations, research and development (R&D) facilities, and regional headquarters to serve the Asian and Southeast Asian market.

Cities in Asia will collaborate as innovation twin cities in areas such as accelerated business set up, regulatory harmonisation as well as increased connectivity and mobility.

https://www.nst.com.my/news/nation/2024/04/1041189/economist-confident-govts-initiatives-will-make-kl-global-startup-hub