During the inaugural edition of KL20 Summit 2024, the Malaysian government inked 25 Letters of Intent (LOIs) with sovereign wealth funds, international venture capital firms (VCs), and various global ecosystem players. The goal is to position Kuala Lumpur as one of the top 20 global startup hubs by the year 2030.
The 25 entities involved in the LOIs have a combined Assets Under Management (AUM) valuation exceeding US$1 billion.
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The LOIs were divided into two categories. The first category involved Sovereign Wealth Funds and the Malaysia Semiconductor Fund under the ASEAN Investment Initiative, valued at up to US$1 billion. Signatories included Malaysia’s Khazanah Nasional Berhad and Retirement Fund (KWAP) and Blue Chip Venture Capital.
The second category of LOIs were with VCs, some of which are establishing new offices in Malaysia, such as K3 Ventures, Nordstar, GP Bullhound, HOPU Investments, and Lever VC. Representatives from new VC funds founded in Malaysia, like CGS Malaysia and The Hive Climate AI, were also present.
Prime Minister Dato’ Seri Anwar Ibrahim launched the KL20 Summit, which took place at the Kuala Lumpur Convention Centre from April 22 to 23. The event brought together sovereign wealth funds, international VCs, and unicorn founders to discuss the challenges and opportunities in Malaysia’s tech sector. Over a thousand international investors, startups, and more than 3,000 global and local participants attended the summit.
“The summit, organised by the government and spearheaded by the Ministry of Economy, aims to elevate Kuala Lumpur to the ranks of the top 20 global startup hubs by 2030. We aim to support Malaysia’s startup ecosystem through government policies, funding attraction, and talent growth with the ultimate goal of transforming Malaysia’s economy into a high-income, high-value one,” said Rafizi Ramli, Minister of Economy.
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Notable global figures who spoke at the summit included Jenny Lee from Granite Asia, Dr Qi Bin from China Investment Corporation, CK Tseng from Arm, Ben Prade from GP Bullhound, and Datuk Pua Khein-Seng from Phison. They discussed various topics like venture capital in Asia, opportunities in the semiconductor industry, and Malaysia’s potential for innovation.
The KL20 Summit also featured activities like investor speed dating, networking lunches, and soirées to facilitate connections and potential collaborations.
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