Malaysian construction engineering firm George Kent (Malaysia) Berhad has signed a Memorandum of Understanding (MoU) with the Malaysia Digital Economy Corporation (MDEC) to collaborate and promote growth of the tech ecosystem in advancing Malaysia’s digital economy transformation as the company seeks new growth opportunities in the digital space.

Under the terms of the MoU, both parties will jointly promote initiatives that will benefit and drive growth of the tech ecosystem in the country, George Kent said in a statement.

This collaboration between George Kent and MDEC is a mutually beneficial public-private partnership that enables the government to accelerate the growth of the country’s tech ecosystem while at the same time assisting private sector businesses like George Kent to access new growth opportunities.

According to the statement, George Kent will set up an investment arm providing the necessary funding and resources including financial, expertise, mentorship and market access opportunities for local and regional tech companies.

This is aimed to facilitate tech start-ups and smaller companies with financial support and the necessary leadership and market access to commercialize their businesses and upsize, it said.

Meanwhile, MDEC’s support comes in the sourcing of deal flows for George Kent including facilitating the introduction of venture capital and investors to George Kent for co-investment opportunities.

MDEC will also provide assistance in the form of valuation, mentoring and market access opportunities to the investee companies in the collaboration.

“George Kent is delighted to collaborate with MDEC who is entrusted by the Government to propel Malaysia’s digital economy forward. MDEC and George Kent share common goals to promote and facilitate digital transformation, talent nurturing and the development of the digital technology industry,

“Furthermore, this collaboration with MDEC is in line with the group’s strategic plan of investing in new growth areas for the group,” said Tan Kay Hock, Chairman of George Kent.

He also said George Kent’s investment arm will serve as an innovative platform for the group to gain access to new and emerging technologies as part of its investment objective to seek strategic benefits for the group in addition to long-term financial returns.

“The Covid-19 pandemic had resulted in the acceleration of digital technology transformation across industries. Automation and advanced-manufacturing technologies had gained rapid momentum where businesses had transformed their operations in all aspects from production efficiency to product customisation. I believe that our joint cooperation with MDEC is both a mutually beneficial and synergistic affiliation,” he added.

Meanwhile, MDEC Chief Executive Officer Mahadhir Aziz said Malaysia recognises the importance of digital technology and its role as the new economic growth engine.

“George Kent possesses the resources and experience that MDEC looks for in our joint collaboration initiatives to drive growth of the country’s tech ecosystem. I am optimistic that this team up with George Kent will create new business opportunities and open up development for our digital tech community,” he said.

George Kent is an engineering and metering company in the water infrastructure, rail transportation and hospital construction industries in Malaysia. The company specialises in the turnkey construction of water infrastructure and hospital projects, system works for rail transportation, and operation and maintenance of water treatment facilities.

Established in 1996 as a lead agency under the Ministry of Communications and Multimedia Malaysia to implement the MSC Malaysia initiative, MDEC aims to accelerate Malaysia’s digital economy growth, enabling digitally-powered businesses, drive digital talent development and digital investment.

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