Digital Minister Gobind Singh Deo is encouraging industry players to explore opportunities in creative technologies like the metaverse. He emphasized the launch of the IP360 Metaverse initiative by the Malaysia Digital Economy Corporation (MDEC), aiming to enhance Malaysia’s status in content creation and provide development and investment opportunities for local creators.
The platform is expected to be open to the public by year-end, allowing users to experience it firsthand. He highlighted that reports by Meta and Deloitte estimate the metaverse will contribute approximately US$3.01 trillion (RM12.6 trillion) to global GDP by 2031, with a significant impact on the Asia-Pacific region.
Gobind Drives Motivation
Additionally, Digital Minister noted the growing demand for digital creative products and services and the global creative technology market’s projection to reach US$687.4 billion by 2027. He referred to the World Government Summit’s 2023 report, outlining priorities for metaverse development, including infrastructure and user protection laws.
“I am proud to highlight that the Madani Government has already taken steps, such as amending the Personal Data and Protection Act 2010 and enacting the Cyber Security Act 2024 to create trust and strengthen our digital resilience,” Gobind said.
