World digital platform to raise Malaysia's trade by US$95 bln by 2030

World Logistics Council Ltd (WLC), a semi-government revenue sharing organisation incorporated in Ireland, forecasts Malaysia's trade to increase by US$95 billion by 2030.

This will be through the country's participation in the digital economy platform known as Multi-Dimensional Digital Economy Application System (MDDEAS).

WLC chairman Samuel Salloum said the platform is a new generation business-to-business (B2B) platform delivering thousands of free business apps that digitise the global value chains.

"MDDEAS offers thousands of on-demand applications that enable businesses to synchronise their logistics, insurance, financial and commerce systems with other businesses worldwide to establish a new 21st century efficiency level," he said.

He said this after signing a memorandum of understanding (MoU) with the Malaysian Technology Development Corporation (MTDC) here today.

MTDC was represented by its chief executive officer Datuk Norhalim Yunus (below).

Through the MoU, MTDC and WLC will promote the deployment of MDDEAS, in cooperation with the world's largest technology firms, which will digitally connect businesses in Malaysia with their global trade partners.

This would enhance efficiency and security of trade, with Malaysia serving as a benchmark for the world.

He said the platform would also reduce annual trade cost by more than US$99 billion and create eight million jobs in the manufacturing, agriculture and services industries by 2030.

"MDDEAS offers market expansion opportunities for businesses around the world via the provision of innovative digital tools such as e-finance, e-insurance, e-commerce, e-logistics and e-grants at no cost to the end user," he said.

Norhalim said the platform would help Malaysia connect local businesses to foreign partners and expand into global markets.

"This collaboration marks another milestone for the companies in MTDC's ecosystem.

"MDDEAS can better connect our local small and medium enterprises (SMEs) to global markets through seamless borderless digital marketplace and create tremendous market expansion opportunities," he said.

Norhalim said MTDC in its role as the strategic enabler for Industry 4.0 for local SMEs will identity those SMEs that can benefit from the MDDEAS tools.

"The signing of the MoU is timely as it is closely aligned with the government's Shared Prosperity Vision 2030 which focuses on high-impact industries such as aerospace, digital economy and high-tech farming," he said.

WLC is formed to implement the G20 leaders' digital economy policy directives.

It is governed by 28 entities from 28 countries to offset monopolistic, geopolitical data privacy concerns related to a global solution that impacts trade and trade data which are of national security importance.

- Bernama