BUSINESS

PM ANWAR TO ANNOUNCE KEY STRATEGIES TO BOOST MALAYSIA'S SEMICONDUCTOR SECTOR - TENGKU ZAFRUL

28/05/2024 12:56 PM

KUALA LUMPUR, May 28 (Bernama) -- Malaysia's semiconductor sector's global footprint is set for exponential growth with key initiatives to be unveiled by Prime Minister Datuk Seri Anwar Ibrahim, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Speaking to reporters after the launch of the SEMICON Southeast Asia 2024 expo here today, he said the initiatives will strengthen Malaysia’s position in the semiconductor space, emphasising the importance of semiconductors and the role that Malaysia can play in the global value chain.

Tengku Zafrul noted the need to seize the current opportunity to establish Malaysia as a genuine semiconductor powerhouse and a regional manufacturing hub, stressing the importance of attracting more investments to accelerate Malaysia's progress along the global value chain.

He shared that in the past 18 months, Malaysia has attracted the attention of some of the world’s largest and most cutting-edge electronics companies, including industry giants like Intel, GlobalFoundries, Infineon and Neways.

Tengku Zafrul said as the world is at the cusp of another tech-based revolution powered by artificial intelligence (AI), the future lies not just in assembling and testing chips, but more in the exciting realm of innovation and design. 

He noted that Malaysia is exceptionally well-positioned to capitalise on this historic opportunity, thanks to its strong value proposition, which includes world-class manufacturing facilities, innovative research and development centres, a highly skilled workforce, attractive incentives and modern infrastructure.

At the same time, the nation is also upgrading its logistics infrastructure to support the semiconductor industry via the RM1.5 billion expansion of the Penang International Airport, slated for completion in 2028.

It has also established the National Semiconductor Strategic Task Force to spearhead improvements in incentives, talent, and other critical elements to support the industry's development and growth in order to attract foreign and domestic investments.

The country is also focusing on identifying key activities that will lay the foundation for the industry’s sustainable growth.

This includes developing a robust renewable energy supply and implementing local vendor development programmes to create opportunities for local companies and small and medium enterprises, thereby fostering a vibrant, inclusive, and sustainable industrial ecosystem, he said.

“I would like to reiterate that the stronger macroeconomic forecast for 2024 signals a positive trend during this global technology upcycle.

“This is evidenced by anticipated growth in key economic indicators, coupled with trends towards lower inflation and unemployment rates, as well as an improving outlook for the ringgit,” he said.

Tengku Zafrul added that the achievement of securing RM329.5 billion in approved investment last year demonstrates the growing confidence in Malaysia’s economic stability and growth potential.

-- BERNAMA


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