KUALA LUMPUR (Oct 26): Datuk Seri Najib Razak today called on local businessmen to work with technology communities worldwide and exploit the full potential of the digital economy.

The prime minister said the potential of internet economy is limitless. He said all that is required is willingness and readiness to explore opportunities.

Citing China as an example, Najib said Beijing has seen the birth of many tech giants of its own, such as Alibaba, Tencent and Baidu, and these were the epitome of  today’s digital icons that every tech company wants to emulate.

"We have much to learn from the advances that China has made in growing and developing its own internet technology space," he said. "I encourage collaborations and cooperation in this sector for the mutual benefit of Malaysia and China."

The prime minister said this in his keynote address at the Malaysia-China Digital Economy Forum, jointly organised by Malaysia-China Business Council and smartphone maker Huawei.

Noting Malaysia's digital economy contribution to the gross domestic product (GDP) was 17.8% last year, Najib said the relentless push for proliferation and use of digital technology across businesses, governments and citizens, has yielded results.

"The impact is seen through increased foreign direct investments in the tech sector, and improved government delivery services, as well as greater societal upliftment through digital income opportunities,” he said.

The prime minister said the digital economy has been growing at an impressive rate of 10% a year, more than triple the rate of overall global economic growth.

For Malaysia, an estimated increase in information communication and technology (ICT) investment will result in 1.4% of the country's GDP growth, as compared with 1% in other countries, he said.

Meanwhile, Malaysia-China Business Council Datuk Seri Ong Ka Chuan said with the exponential growth of digital economy sweeping through the global economic landscape, Malaysia should ride on it to boost our economy, as we have a strong ICT ecosystem.

"Taking cognisance of China as the leading nation in digital economy, having produced many prominent entrepreneurs in digital economy, it is most opportune and appropriate moment to collaborate with them riding on the close relationship between Malaysia and China," said Ong, who is also the prime minister's special envoy to China.