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KUALA LUMPUR, Kuala Lumpur City Hall (DBKL) today signed a Letter of Intent (LoI) with Hangzhou Municipal People's Government, focusing on Smartup City Connect cooperation. Minister in the Prime Minister's Department (Federal Territories) Dr Zaliha Mustafa said the collaboration is a historic moment for Malaysia and the People's Republic of China as this is the first inter-city collaboration between the two countries which focuses on the startup industry. She said that based on the rapid development of the start-up industry in China, the sharing of joint knowledge and expertise especially in the field of technology and innovation will provide added value that will benefit Malaysia. 'This LoI will provide long-term benefits to both cities and will help further increase investment and provide ample opportunities for high technology exchange, especially in the field of artificial intelligence (AI) and the development of startup company ecosystems between Malaysia and the People's Republic of China. 'This Lo I will also open important prospects for entrepreneurs and communication technology players in both countries to continue to innovate and advance technology," she said in a statement. Earlier, Zaliha witnessed the signing of the LoI between Kuala Lumpur mayor Datuk Seri Kamarulzaman Mat Salleh and first deputy mayor of Hangzhou Chen Jin, in conjunction with the KL20 Summit 2024, officiated by Prime Minister Datuk Seri Anwar Ibrahim at the Kuala Lumpur Convention Centre. Zaliha said the LoI will also focus on areas such as economic and trade cooperation, smart city programmes, e-commerce, startup ecosystem development and AI regulatory framework. Commenting on the KL20 Summit 2024, she said that the summit gave an advantage to the Federal Territories, especially Kuala Lumpur to achieve progress, and prosperity of the capital city through physical development, socioeconomics, planning control and municipal services in a planned and coordinated manner based on excellent governance. The two-day summit, starti ng today, brings together start-ups, investors and industry leaders to foster innovation, collaboration and the growth of the start-up ecosystem in Malaysia, as well as propelling Malaysia into a powerhouse in the electronics and electrical industry on the world stage, especially involving innovation, research and development. More than 3,000 participants, consisting of international investors and start-up companies, are expected to attend the programme, organised by the Malaysian government and spearheaded by the Ministry of Economy. Source: BERNAMA News Agency