Plans to set up the Malaysian Gobal Innovation and Creative Centre (MaGIC) can help the government in reducing dependence on foreign workers, Finance Ministry secretary-general Dr Mohd Irwan Serigar Abdullah said today.

Currently, many companies in Malaysia rely on foreign workers to meet their manpower needs, he said.

"By moving forward to the intensive technology sector, we can reduce the foreign workers' requirement and the salary will also increase in tandem with the high skills needed," he told reporters after the roundtable discussions session themed "Regulatory Policy" in Kuala Lumpur.

Earlier, at the roundtable session, Mohd Irwan Serigar said Malaysia has four million foreign workers now, many of whom are working in sectors that needed less skilled workers.

MaGIC, announced by Prime Minister Najib Razak when opening the Global Entrepreneurship Summit 2013 yesterday, said the centre, to be located in Cyberjaya, will be a one-stop shop for entrepreneurs, with everything from getting financing from banks or venture capital to incubators for developing start-ups; from intellectual property rights registration to facilities for training, coaching and mentoring.

This initiative is also expected to improve and enhance government-entrepreneur relations.

Mohd Irwan Serigar said that if Malaysia wants to move forward to become an advanced nation in 2020, the government should encourage more youths to venture into entrepreneurship by providing a better ecosystem to start businesses.

"The government has also given a second chance to entrepreneurs who have failed in their business previously by amending the Bankruptcy Act," he said.

He said MaGIC's establishment was not only to focus merely on the intensive technology sector but also covered other industries such as agropreneurs, halal and services sectors.

"So, all entrepreneurs with ideas and want their ideas to be commercialised, we are prepared to assist them," he added.

- Bernama