The e-commerce sector is seen as one of the main drivers of Malaysia's digital economic growth and is targeted to reach a total revenue of RM1.65 trillion by the end of 2025.
According to a statement by Deputy Minister of Domestic Trade and Cost of Living, Datuk Dr Fuziah Salleh, the sector surpassed the RM1 trillion mark in 2021, then continued to record growth to RM1.127 trillion in 2022 and around RM1.184 trillion in 2023.
Along with the target set higher for 2025, the government aims for the e-commerce industry to not only contribute to income but also create new job opportunities and expand the market for micro, small and medium enterprises (MSMEs) in the face of the digital economy.
However, the government also acknowledged that the current legal and regulatory framework for foreign e-commerce platforms is still not sufficient.
Therefore, a stronger authority is expected to be established to ensure fair competition and balance of market power in the country.
He said that the ministry will continue to draft new regulations that give it the power to intervene in the fee conditions and operations of e-commerce platforms so that local companies are not left out in the digital competition.
The government's main focus is now to improve the digital ecosystem, strengthen the participation of local entrepreneurs in e-commerce and ensure policies that support sustainable and inclusive growth for all segments of the economy.
