Abg Jo: S'wak exploring use of venture capital to back local films, creative projects
KUCHING (May 16): The Sarawak government is exploring the use of venture capital to support viable local creative projects, including films and digital content, said the Premier.
Datuk Patinggi Tan Sri Abang Johari Tun Openg said the government may, through its agency, take equity in projects with market potential to help develop the film industry using digitalisation and content.
'If you create something, film or so on, we are looking into what we call venture capital. You can form a company if your project is viable,' he said during the launch of Jelajah Malaysia Digital (JMD) at Tegas Digital Village here today.
'If your content has a market, maybe somebody else will take equity together with you, just like any film. We have also set aside our venture capital within our budget.'
He pointed out the Sarawak government has invested RM3.5 billion over the past five years to advance digital transformation, positioning the state firmly to meet future economic challenges.
He explained the annual investment of about RM600 million was funded through the state's own revenue and represents a long-term commitment expected to yield significant returns for the people in the future.
'Digitalisation means we must digitise the whole spectrum of our economy,' he said.
To drive Sarawak's digital transformation agenda, Abang Johari said the state government established various agencies such as the Sarawak Multimedia Authority (SMA), the Centre of Technical Excellence Sarawak (Centexs), and the Sarawak Digital Economy Corporation (SDEC).
'At the same time, we are also enhancing various basic infrastructures to support a more comprehensive digital ecosystem, so that we remain at the forefront in the digital economy era,' he said.
Recalling his discussions with experts from the London School of Economics (LSE), Abang Johari said Sarawak was commended for being fortunate to possess both capital and natural assets which are resources that must be fully leveraged.
'However, capital alone is not enough. We also need to develop quality human capital with high-level skills to add value to our wealth of resources and generate economic impact.
'This is where digitalisation becomes crucial to enhance processes and add value to our natural assets. We need technology to transform those resources into something of worth.
'That is also why Sarawak has established Tegas Innovation Hubs in several strategic locations, including Sibu, Miri, Sarikei, and Bintulu,' he said.
He explained the innovation hubs serve as platforms for young people to innovate and create content and digital solutions, including in areas such as virtual reality and digital living.
'I am proud to see many of our youth being creative and capable of producing content that adds value.
'This proves that Sarawak is not only rich in natural resources, but also in talent and creativity.
'This is part of the process of creating second and third layers of value, the concept of a 'second life' often referred to in the digital economy,' he added. abang johari creative projects lead Venture Capital
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