ECONOMY MINISTRY: 12 VENTURE CAPITAL FIRMS KEEN TO INVEST IN MALAYSIA

KUALA LUMPUR, July 4 (Bernama) -- The government, through the Securities Commission, is in the process of discussions with 12 venture capital firms that have signed a letter of intent to open their offices and operate in Malaysia.

The Economy Ministry said these firms have an estimated total assets under management (AUM) of US$28.64 billion (US$1=RM4.70). 

They have signed a letter of intent to open headquarters and operate in Malaysia during the KL20 Summit, which was held on April 22 and 23, 2024, at the Kuala Lumpur Convention Centre, said the ministry.

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“The amount of funds expected to be brought into Malaysia will be identified after the negotiation session with the 12 venture capital companies is concluded,” the ministry said on the Parliament’s website today.

The ministry was responding to Datuk Seri Shahidan Kassim (PN-Arau) who wanted to know the total amount of funds that have successfully come in since the launch of the KL20 Summit.

The ministry stated that the KL20 Summit featured the signing of 25 letters of intent involving the sovereign wealth fund, start-up companies, venture capital companies, and high-tech companies. 

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These agreements will catalyse comprehensive strengthening of the start-up ecosystem, it noted.

According to the ministry, the operation of venture capital companies involved in Malaysia is expected to attract more investors and players in the ecosystem of start-up companies and foreign venture capital to choose Malaysia as the main investment destination in the ASEAN region.

The presence of venture capital firms will help achieve the goals of the KL20 vision, propelling Malaysia into the top 20 of the global startup ecosystem by 2030, the ministry stated.

-- BERNAMA