[News] Malaysia to Focus on High-Tech Industries to Strengthen Global Supply Chain Position

A senior government official in Malaysia has stated that the country will prioritize attracting investments in high-tech industries such as semiconductor and electric vehicles to solidify its status as a manufacturing hub in Southeast Asia within the global supply chain.

Sikh Shamsul Ibrahim, the Senior Executive Director of the Malaysian Investment Development Authority (MIDA), made this announcement during the Kuala Lumpur Economic Forum. He emphasized that in the face of ongoing trade wars and geopolitical tensions, Malaysia’s goal is to leverage the realignment and redistribution of global supply chains.

Ibrahim further stated that they are placing a strong emphasis on enhancing supply chain resilience and fostering closer collaborations with their trade partners. He also pointed out that they are actively exploring priority sectors with a particular focus on high-growth industries, including semiconductors, electric vehicles, and renewable energy.

In addition, Sikh Shamsul Ibrahim highlighted the government’s objective to introduce tiered corporate tax incentive measures, as per the 2024 budget plan, to attract investments in high-value and high-growth industries.

In September of this year, Malaysia unveiled a new industrial master plan that includes a $19.91 billion investment over seven years to advance its manufacturing capabilities. Key sectors in this initiative encompass electronics, chemicals, and electric vehicles, with the country also aiming to create 3.3 million new job opportunities.

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