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The aim is to accelerate the introduction of modern technologies and digital solutions
Dubai – Al Arabiya.net
Published on: January 26, 2024: 09:58 AM GST. Last updated: January 26, 2024: 11:32 am GST
The UAE Ministry of Investment and Malaysia’s Ministry of Investment, Trade and Industry signed a memorandum of understanding on Thursday with the aim of establishing a framework for investment cooperation in the field of digital infrastructure, particularly in the data center sector in Malaysia.
The UAE Ministry of Investment said in a statement that the Memorandum of Understanding at an early stage aims to enhance digitalization in various key sectors and accelerate the adoption of modern technologies and digital solutions to achieve a broad strategic objective, viz to increase productivity and efficiency in various industries and sectors.
The ministry added that the memorandum focuses on building strong and effective cooperation by strengthening bilateral relations between government and private institutions and proposes proposals to create incentives to support joint initiatives and exchange experiences and knowledge, it said Arab World News Agency.
According to the statement, Malaysia is gaining a strong reputation as one of the most dynamic data center markets in the Asia Pacific thanks to its strategic location, advanced infrastructure and strategic government initiatives such as the New Industrial Plan 2030. Malaysia currently operates more than 40 data centers.
The statement said Malaysia is expected to see significant growth in this vital sector, which is estimated to be worth about $2.9 billion between 2022 and 2027, representing an annual growth rate of about 16% over a period of five corresponds to years.
The statement quoted Mohammed Hassan Al Suwaidi, UAE Minister of Investment, as saying: “This memorandum supports our joint cooperation in a key area that plays an important role in highly flexible economic development, such as the planned expansion of data centers in the United Arab Emirates Kingdom of Malaysia will strengthen its position as one of the leading locations for data center projects in the Southeast Asia region in a way that provides institutions and companies in various industries with a solid foundation for digital transformation.”
Tengku Zafrul Aziz, Malaysian Minister of Investment, Trade and Industry, said: “This collaboration will help strengthen our position as a digital investment destination. As a regional hub for data centers, Malaysia has the potential to attract a large portion of it. “It will reach $1 trillion by 2030.”
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