03 July 2024

China’s ByteDance, parent of social media app TikTok, plans to invest around US$2.13 billion to set up an AI hub in Malaysia, according to investment, trade and industry minister Tengku Zafrul Aziz.

As part of the deal, ByteDance will also expand its data centre facilities in Malaysia’s Johor state through an additional US$317 million investment.

“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,” said Zafrul.