KL ranks in top 30 global startup ecosystem rankings, generating value of over RM220 billion, says PM Anwar

KUALA LUMPUR, Aug 12 — Prime Minister Datuk Seri Anwar Ibrahim today said the Government, through the Ministry of Science, Technology and Innovation (Mosti), has implemented various initiatives to support local startups, including financial facilities, advisory services, market access and other related support.

As a result, Kuala Lumpur was ranked among the top 30 emerging ecosystems in the Global Startup Ecosystem Report (GSER) 2024.

“According to GSER 2024, from July 1, 2021 to December 31, 2023, Kuala Lumpur’s startup ecosystem has generated ecosystem value exceeding 220 billion ringgit (US$47 billion),” he said during a speech at the Malaysia Commercialisation Summit 2024 today.

He further added that according to a report on the global startup ecosystem, Malaysia’s progress is a promising start.

However, he noted that comparison with the initiatives and successes of other countries shows that there is still much to be done.

“According to the Global Startup Ecosystem Report, this is a good start. However, when we look at what other countries are doing and their initiatives to achieve success, it becomes clear that Malaysia still has a lot of room for improvement.

“This issue also relates to how we achieve our goals,” he added.

He also added that scientists and researchers should take into account not only the national context but also the relations between neighbouring countries.

Anwar said it was crucial for Malaysia to constantly monitor and evaluate achievements over time to ensure continuous progress.