PM to announce key strategies to uplift Msia’s semiconductor sector - Tengku Zafrul

KUALA LUMPUR: Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz announced today that new key initiatives will be unveiled to enhance Malaysia's semiconductor sector's global footprint.

Prime Minister Datuk Seri Anwar Ibrahim will make the announcement this afternoon at SEMICON Southeast Asia 2024.

"It will be about strengthening our position in the semiconductor space and emphasising the importance of semiconductors and the role that Malaysia can play in the global value chain," he told reporters after today's launch of SEMICON Southeast Asia 2024.

Tengku Zafrul expressed confidence in Malaysia's robust semiconductor foundation, asserting that the time is ripe to elevate the country into a genuine semiconductor powerhouse and a regional manufacturing hub.

The Prime Minister also unveiled Malaysia's first Social Exchange, to be established by the Securities Commission Malaysia (SC), providing a structured platform for private capital participation in projects with positive social outcomes.

"This will benefit entities such as non-governmental organisations (NGOs), social enterprises and state Islamic religious councils," he said.

Anwar highlighted the Labuan International Business and Financial Centre (IBFC)'s Islamic Digital Asset Centre (IDAC) initiative, which will digitally raise and invest funds using blockchain technology, introducing Islamic asset-backed tokens and an Islamic digital finance sandbox.

He commended the Islamic banking industry for collectively pledging RM2.67 billion in secured financing facilities through the Halal Development Corporation's Halal Integrated Platform to support Malaysia's halal industry development.

He said risk-sharing should define not only consumer products but also guide industry players' creative efforts.

"In these turbulent times, risk taking is necessary in order that we can surpass the achievements of the past and truly harness the potential ahead of us," he said.

He encouraged institutions to invest, innovate, integrate, and think big, offering solutions that conventional finance has yet to explore.

"In particular, innovation in the halal sector should be a primary focus to enhance efficiency and transparency across the end-to-end supply chain," he said.

At the opening of GFIEF, the Prime Minister launched the MIFC Leadership Council (MLC)'s position paper titled 'Putting the Islam in Islamic Finance'.

Also in attendance were Finance Minister II Datuk Seri Amir Hamzah Azizan, SC executive chairman Datuk Seri Dr Awang Adek Hussin, MIFC Leadership Council chairman Tan Sri Azman Mokhtar and Bank Negara Malaysia Governor Datuk Abdul Rasheed Ghaffour.

-- BERNAMA

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