STRENGTHENING the semiconductor supply chain ecosystem is crucial not only for Malaysia but also for Asean, says Liew Chin Tong.
The Deputy Investment, Trade and Industry Minister said Asean recently drafted a framework on the matter to address global trade uncertainties due to geopolitical tensions.
“We need to strengthen our ecosystem and supply chain.
“To achieve this, we are placing increased emphasis on localisation and adding value within our industries.
“This is necessary so that we don’t rely on just one country for input,” he said when replying to a question raised by Syerleena Abdul Rashid (PH-Bukit Bendera).
Syerleena wanted to know if there were strategies in place to develop localised technologies while exploring new markets instead of relying on one or two countries for trade.
Liew said Malaysia is set to sign a memorandum of cooperation with Brazil regarding semiconductors and is currently in discussions with India for a similar agreement.
Such agreements will not only open new export market access for Malaysian businesses but also involve technology transfer, he said.
Earlier, Liew said Malaysia’s participation in the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and other free trade agreements was important in strengthening the nation’s economic resilience.
He said such trade agreements will help attract quality investment to the country, particularly in the electrical and electronics, automotive, halal product and digital sectors.
He added that the RCEP and CPTPP also include provisions specifically related to small and medium enterprises (SMEs).
“The emphasis among RCEP members is to share information and enhance capacity building while providing market access for SMEs,” he said.
