The COVID-19 pandemic and the resultant lockdowns and social restriction measures put in place to contain it saw a global shift towards digital services by both consumers and businesses. This was no different for Malaysia, which saw an uptick in the usage of e-commerce, fintech, and ride-hailing services. Indeed, policymakers in Malaysia have identified the digital economy as key to the country’s post-pandemic recovery as well as long-term developmental strategy.
However, the digital economy goes beyond buying and selling goods and services online and also involves the cross-border transmission of data and information. The digital economy provides new opportunities for Malaysian consumers and businesses to reach each other, and helps Malaysian Micro, Small, and Medium Enterprises (MSMEs) to improve their competitiveness in both domestic and international markets. Malaysia’s experience with digital trade during the pandemic also saw it promoting greater inclusiveness, as even businesses without a physical store or restaurant were allowed to operate from their homes through e-commerce platforms.
To boost Malaysia’s digital trade with the outside world, Malaysia’s digital ecosystem needs to be supported in a timely manner. Investors and consumers alike must also feel secure in investing and using digital services. There needs to be an emphasis on establishing proper cybersecurity, transparent digital taxation, data localisation, and labour movement policies.
‘Strengthening the Digital Trade Ecosystem: The Next Frontier for Malaysia’ is a partnership project between IDEAS and the Australian High Commission to examine Malaysia’s digital trade ecosystem and how to strengthen it, particularly vis-a-vis external partners, including Australia. As part of our project, we will be releasing our Policy Brief Strengthening the Digital Trade Ecosystem: The Next Frontier for Malaysia, which will look into the challenges in relation to cross-border data flows (including as it relates to data centre investments), digital taxation frameworks, data protection and privacy, e-commerce and fintech.
The Policy Brief will also provide policy recommendations to help facilitate digital trade activities both within and beyond Malaysia. This Policy Brief will build upon two Roundtables which IDEAS recently hosted as part of our project, including on Digital Tax Framework in Malaysia as well as The Intersection Between Cybersecurity as well as Data Protection: Invigorating The Digital Economy in an Environment of Trust. This online forum will present a platform to present our findings and policy solutions to different stakeholders, including businesses, international investors, policymakers, and government agencies.
Download Tentative Programme as of 22 November 2022 Here
For those who missed the webinar session and would like to watch it, the video recording of the webinar is available below.
