Recognising the importance of venture capital industry in stimulating the nation economic growth, the Government announced in Budget 2001 the setting up of a one-stop agency to ensure that the venture capital industry develops and expands more efficiently and effectively. It was envisaged that the one-stop agency would formulate, coordinate and monitor all policies, strategies and incentives as well as supervise the development of the venture capital industry.
Following this, an interim coordinating body known as the Venture Capital Consultative Council (VCCC) was set up in August 2002 under the purview of the National Economic Action Council (NEAC) for a period of three years, with Malaysian Venture Capital Association (MVCA) as its secretariat. It played a role as a platform to discuss and address issues pertaining to the industry and other related matters until a formal one-stop agency is established.
The VCCC was chaired by Datuk Mustapa Mohamed and consists of representatives from the public and private sectors:
Public Sector : Science Advisor to the Prime Minister, Ministry of Finance, Ministry of Science, Technology and Environment (MOSTE), NEAC, Securities Commission (SC) and Bank Negara Malaysia.
Private Sector : MAVCAP, Angels Club, Technopreneurs Association of Malaysia (TeAM) and MVCA.
In January 2004, it was decided that the VCCC be dissolved and replaced by a one-stop agency named Malaysian Venture Capital Development Council (MVCDC), under the purview of SC. Click to Read More...