US-China tech impasse opens up opportunities for Malaysia, says Zafrul
13 Aug 2024
The standoff between the United States and China presents opportunities for Malaysia’s electrical and electronics (E&E) and renewable energy sectors, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
He said globally, investors in industries such as electric vehicles and solar power are focused on securing sensitive trade goods.
“At the heart of today’s tech Cold War lies a battle over the semiconductor supply chain and Malaysia’s 50-year-old sector places us in an excellent position to reap such opportunities.
“This is why we introduced the National Semiconductor Strategy (NSS) to move our semiconductor producers up the global value chain for us to export more higher-value products,” he said in his keynote address at PRAXIS 2024 here on Tuesday (Aug 13).
He said Malaysia has already welcomed global investors such as Infineon, Intel and Texas Instruments who have also increased their investments in Malaysia, citing Malaysia’s agile technology supply chains.
Aside from efforts on skilled talent development, Tengku Zafrul said Malaysia must also apply data-driven solutions.
He added that a proposal to establish an Integrated Digital Platform consisting of a Supply Chain Intelligent Management System, Business Continuity App and Virtual Centre of Excellence, was also presented to the National Investment Council on Tuesday.
“Together, these will map, gather and analyse real-time data from the supply chain of critical industries in Malaysia and show clearly how one sector’s supply chain supports another sector,” he said.
In terms of record investments, Tengku Zafrul also said Malaysia achieved a record high of RM330bil last year and RM83.7bil in the first quarter of this year.
He added that between 2021 and Q1 this year, the realisation rate of approved investments stood at about 80%.
He attributed this to diligent follow-ups by agency-led initiatives such as the Malaysian Investment Development Authority (Mida) Invest Malaysia Facilitation Centre, among others.
Trade-wise, he said Malaysia’s total exports last year surpassed RM1 trillion for the third year running, despite a cyclical downturn in the semiconductor industry and commodities.
“I am equally proud to share that for the first half of 2024, our total trade reached RM1.4 trillion, the highest ever for the period.
“The country has also recorded over two decades of uninterrupted quarterly trade surpluses, with E&E products and other manufactured goods massively contributing to exports,” he said.
Separately, Institute of Strategic and International Studies (Isis) Malaysia chairman Datuk Prof Dr Mohd Faiz Abdullah said the policy solutions put forward at the research sessions will be combined with cutting-edge research and analyses from the country’s researchers and knowledge partners.
“These policy papers will be made publicly available for all, and we will deliver them to the desks of all stakeholders to advance better policy solutions for the country,” he said in his welcoming remarks at PRAXIS 2024.
The Isis Malaysia website describes PRAXIS as its flagship public policy conference, designed to bridge ideas and translate theory into practice.
It has been held since 2011, bringing together policymakers, the private sector, civil society and academia to discuss topics of national interest.
Source: The Star
