Last year, more than 4,300 startups were onboarded, 17,000 people were assisted, and more than MYR 100 million ($22.8 million) in investment was obtained, according to the MYStartup Annual Report 2023/2024 released on Tuesday.
Through Cradle Fund Sdn Bhd (Cradle), the Ministry of Science, Technology, and Innovation (MOSTI) said in a statement that Malaysia is still becoming a startup nation.
According to the statement, Malaysia’s capital city Kuala Lumpur now ranks among the top 21 – 30 Emerging Global Ecosystems, valued at over MYR 220 billion ($50.1 billion).
More than 5,700 tech talent were developed in the meantime through partnerships with businesses and academic institutions.
According to the statement, strong ASEAN ties are also reinforcing Malaysia’s position as a springboard for regional development.
Additionally, by commemorating the advancement of ASEAN Startup Year 2025, Cradle has reaffirmed its dedication to regional innovation.
This year-long program, which was first announced in late 2024, marks a significant turning point in ASEAN’s development as a major innovation bloc on a global scale, according to a statement from MOSTI.
“ASEAN Startup Year 2025 is not a beginning – it is the next wave of a journey we
started since 2024,
“From the December announcement of the Startup ASEAN platform development to today,
Malaysia has laid the groundwork to empower entrepreneurs, connect ecosystems,
and future-proof ASEAN’s economic resilience through innovation,” said Chang Lih Kang, Minister of MOSTI.
He asserts that the establishment of new trade alliances between economic blocs is crucial to preserving international trade and order, particularly in difficult times, and defending the rule of law.
In this regard, he pointed out, ASEAN is crucial due to its substantial economic contributions and strategic involvement.
“Considering ongoing shifts in global trade dynamics, ASEAN and its member states have unique opportunities to enhance regional cooperation, diversify trade partners, promote intra-ASEAN trade, invest in technology and innovation, and engage in strategic diplomacy through science, technology and innovation,
“These efforts, coupled with initiatives like the ASEAN Startup Year 2025, will help mitigate the potential impact of trade disruptions and foster stable, mutually beneficial trade relations with all global partners,” he added.
Building on the ASEAN 2025 vision, the regional initiative acknowledges startups as drivers of digital growth, cross-border cooperation, and socioeconomic advancement.
