Malaysia’s minister of trade declared that ByteDance, a Chinese company that created the TikTok social media app, plans to invest roughly 10 billion ringgit ($2.13 billion) to create an artificial intelligence hub in the country.
The commerce minister of Malaysia announced on Friday that China’s ByteDance, the company behind the social media app TikTok, intends to invest about 10 billion ringgit ($2.13 billion) to establish an artificial intelligence hub in the nation.
Investment, Trade, and Industry Minister Tengku Zafrul Aziz stated that ByteDance will also expand its data center facilities in Malaysia’s Johor state through an extra 1.5 billion ringgit investment as part of the transaction, which is the latest in a string of international tech corporations entering Southeast Asia. Tengku Zafrul wrote in a post on X that “This additional investment by ByteDance will undoubtedly help Malaysia achieve its target of growing the digital economy to 22.6% of Malaysia’s gross domestic product by 2025.”
The news comes after other tech behemoths made big investments in Malaysia in recent months. Microsoft announced last month that it will invest $2.2 billion to grow cloud and AI services, while Google announced plans to invest $2 billion to build its first data center and Google Cloud region in Malaysia.
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
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