PETALING JAYA, Sept 28 — The Communications and Multimedia Ministry is considering setting up a commission specifically designed for the startup industry in Malaysia.

Minister Gobind Singh Deo said today that there is a need for the government to take an interest in this industry.

"The government must play an active role in encouraging and facilitating this startup industry and in making sure that it succeeds.

"In order to do this, the government must come out with initiatives that assist this industry,” he told reporters after attending an industry dialogue today.

"I think the time has come for us to consider setting up — what I call — a startup and venture capital commission that is designed to deal with the challenges ahead facing this industry, and to (also) come up with solutions that can later be developed into policy directions by the government.”

In order to succeed, Gobind said the government needs more than ad hoc groups to deal with this particular industry.

"If we do that (set up a commission), there’ll be a point of central reference by which the problems faced by the industry at all levels can be dealt with,” he said, adding that he has invited industry players to a meeting that will take place within two weeks to explore the idea further.

The minister reiterated that the discussion on the formation of this commission will also include various agencies, such as the Malaysian Communications and Multimedia Commission (MCMC), Securities Commission and Malaysia Digital Economic Corporation (MDEC).

"Once we have discussed how the initial structure should be, then I think it would be necessary for us to also see the view of the relevant ministries before a final decision is taken,” he said.

He added the proposed commission will be set up by statute, which will then have to be tabled in Parliament.