Galaxy Racer To Invest RM42 Million into Malaysia's Esports Ecosystem Within Next 5 Years
It looks like Galaxy Racer will be making waves in our country soon. At the Expo 2020 Dubai, the global esports organization signed a Memorandum of Understanding (MoU) witnessed by Communications and Multimedia Malaysia (KKMM) and the Malaysia Digital Economy Corporation (MDEC) announcing a projected investment of RM42 million (10 million USD) in Malaysia within the next five years.
In addition to the economical investment, Galaxy Racer plans to organize more esports events and tournaments to facilitate and boost the country's esports ecosystem. They also intend to boost the involvement of females in esports in Malaysia, after seeing the success of their female-centric esports events in Dubai and Pakistan.
Furthermore, Galaxy Racer will launch its Asia Pacific headquarters in Malaysia later this year and looks to position Malaysia as its digital hub in the region. The headquarter will focus on various verticals - content, esports teams, content creators, esports, gaming events, merchandising, a music label, and an upcoming world-class visual effects animation studio. This will in turn create job opportunities for Malaysians looking to work with an international esports, gaming and lifestyle organization.
“As part of our mission to drive the digital economy with high-impact initiatives, MDEC is committed in growing the esports industry in Malaysia and together with industry leaders such as Galaxy Racer, I am sure we will be able to elevate the industry to greater heights. Their investment into Malaysia will contribute greatly into the esports industry,” said the CEO of MDEC, Mahadhir Aziz.
Founder and Group CEO of Galaxy Racer, Paul Roy, said: “Galaxy Racer believes in MDEC’s vision for Malaysia to become a high-value-added economy and a net exporter of home-grown technologies and digital solutions. We are excited to establish our APAC headquarters in Malaysia and we appreciate the support by MDEC and KKMM in facilitating foreign direct investments into Malaysia, with the MSC status application, ease of doing business and gaming-related industry grants. We look forward to creating a positive impact in the esports and digital economy and elevating the quality of the talent pool in Malaysia.”
The digital economy is becoming one of the biggest contributors to Malaysia’s gross domestic product (GDP), making up to 22.6% of the nation’s economy. It is expected to contribute as high as 25.5% by 2025, outperforming the traditional largest contributor to the nation’s GDP - oil and gas. Galaxy Racer believes that MDEC would also be the catalyst for the nation’s Fourth Industrial Revolution (IR 4.0).
The future of esports is certainly looking bright for Malaysia and we're pretty sure this won't be the last time we hear such good news. Stay tuned to eGG Network for all the latest news and updates on the local esports scene!