M’sia to reduce semiconductor overdependence, diversify growth sources
Minister Johari Ghani says this is to enhance the resilience of the country’s exports in the event of a cyclical downturn in the global semiconductor industry.
Malaysia's government announced plans to reduce the nation's overreliance on the semiconductor industry, aiming to bolster domestic growth and export potential. Investment, trade and industry minister Johari Ghani outlined three key strategies to achieve this goal.
Firstly, the government will strengthen and diversify the electrical and electronics (E&E) value chain. This includes focusing on high-value, technology-intensive activities like integrated circuit design and advanced packaging through the New Industrial Master Plan 2030 and the National Semiconductor Strategy.
Secondly, the government plans to broaden economic growth sources beyond the E&E sector. This involves fortifying domestic supply chains, as part of a broader strategy to enhance economic complexity, promote high-value activities, and generate more job opportunities. The New Industrial Master Plan 2030 encompasses 21 sectors, with the services sector contributing RM897 billion in 2025.
Lastly, the government will actively expand export markets to lessen dependence on traditional export destinations. The Malaysia External Trade Development Corporation is exploring new markets, including Central Asia, Africa, and Latin America, through partnerships with local companies. These measures are intended to safeguard Malaysia's economy during potential downturns in the global semiconductor industry, reducing the country's dependence on external sources.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- M’sia to reduce semiconductor overdependence, diversify growth sources freemalaysiatoday.com
