Despite Malaysia’s strength in the electrical and electronics industry as a global exporter, he said only 4-5% of high-tech companies are listed on the local bourse.

“It’s a pity because this country is globally recognised as one of the most important semiconductor players in the world,” he said at the KL20 Summit 2024 session “From Malaysia to the world, open for tech business” here today.

Rafizi said there is a need for a pipeline of tech and start-up companies ready for listing to enhance Malaysia’s business ecosystem.

“By achieving this, we can establish a sustainable high-value economy with the government’s focus shifting from funding and intervention to regulation and ecosystem development.”

He said the government’s interest extends beyond monetary investment in startups. It is instead seeking early success stories to attract tech talent from around the world to Malaysia.

Meanwhile, Khazanah Nasional Bhd managing director Amirul Feisal Wan Zahir suggested ensuring the availability and continuity of capital to reduce financial concerns among startups.

“(Hence), this is our role. We have an investing mandate and a developmental nature.

“We operate with a long-term gestation period in terms of returns, which enables us to take bigger risks.”

K3 Ventures managing partner Kuok Meng Xiong echoed Amirul’s sentiments, stating that ensuring the continuity of capital would foster a culture of risk-taking.

“Not only is Malaysia an interesting market, but I also believe that if we can address the capital problem, we will foster a culture of risk-taking that can yield significant outcomes.”