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Hi readers,
Malaysia had a roller-coaster of a ride this year navigating a range of externalities, from global economic headwinds to domestic problems. Good thing the government proved resilient – and that is something worth celebrating because since 2018, political instability has been the mainstay in the country.
Ironically, such developments point to a maturing democracy where a ruling coalition is formed as a post-election pact. Gone is the political monolith we’ve grown accustomed to since the formation of Malaysia in 1963.
But a year into Prime Minister Anwar Ibrahim’s government, Malaysia seems to have stunted. While we ushered in political stability, we’re seeing the government either not deftly moving to initiate reforms or, worse, regressing.
For instance, Anwar’s government is still holding on to the race-based policies of his predecessors, and that has some bearing to the tech space. He also has the dual role of prime minister and finance minister, which has led to some criticism that he has a part-time finance minister.
This, too, has some bearing on the tech space, as key state-owned financiers – such as Khazanah, Mavcap, and Penjana Kapital – are under the control of the finance ministry.
Anwar’s government has signaled stronger tech policies, especially from Economic Affairs Minister Rafizi Ramli, but he seems to be working in a silo. Of course, this has a bearing on tech policy because Rafizi, while he is a visionary and has some sense of what needs to be done, isn’t the one ultimately controlling the purse strings.
Just before writing this, I had a chat with a Malaysian lawyer friend about his plans for next year. He works with startups, including helping them domicile in different jurisdictions. He told me that sometimes he felt as if he were a prostitute on LinkedIn. He wasn’t, to quote LinkedIn speak, “thrilled” or “excited” but tired.
Tired because Malaysia has all the makings of a great tech hub, but somehow we’re just being bypassed for the likes of Indonesia or Vietnam. Maybe the press – myself included – are to blame for being pessimistic, but what is there to cheer on when the government of the day isn’t focusing on, well, governing?
Anyway, all’s not doom and gloom. There are certainly things to watch next year, as I have pointed out in my article, and I have only scratched the surface. Heck, even Tech in Asia is rolling out its maiden Kuala Lumpur conference next year. So if that isn’t great news, I don’t know what is.
— Emmanuel Samarathisa, journalist at Tech in Asia
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Image credit: Timmy Loen
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