KUALA LUMPUR: The Malaysia Digital Economy Corp (MDEC) has launched the 4IR Catalyst Grant (4ICG) in support of scaling up Malaysian-based technology companies.

       Chief digital industry officer Gopi Ganesalingam said the introduction of the 4ICG is to increase productivity, product quality, improve quality of life and preserve the ecological integrity of 10 key economic sectors and six supporting sectors of the Malaysian economy as outlined in the national policy on the Fourth Industrial Revolution.

       “The grant is expected to increase the visibility of Malaysian-based technology companies and growth in revenue and exports from Malaysian-based 4IR tech companies.

       “This adds towards achieving the goals set forth by the Malaysia Digital Economy Blueprint (MyDigital) to transform the country into a digitally-driven, high-income nation and towards making Malaysia the heart of digital Asean,” he said in a statement.MDEC said key sectors identified for the grant applicants are wholesale and retail trade, transportation and logistics, tourism, finance and insurance, healthcare, agriculture and education.

       It said supporting sectors included construction, real estate, mining and quarrying, information and communication services, arts, entertainment and administrative and support services.

       “The grant is looking to target up to 20 applicants with the duration of funding for a project period of up to one year and the closing call for submissions is in November with the evaluation and approval process to take place by December,” it said.

       It said successful local applicants would be awarded up to 50% of the total project cost, subject to a ceiling limit of RM2mil, whichever is lower, while chosen foreign-owned companies would be awarded up to 30% of the total project cost, subject to a ceiling limit of RM2mil, whichever is lower. — Bernama