BERNAMA
12/07/2024 19:06 MYTH
Malaysia, which was previously known as the Silicon Valley of the East before Taiwan and South Korea took over the leadership of the chip industry, is aiming to bring back its glory days
Forbes article highlights Malaysia's increasing international attention - Economist
Malaysia, which was previously known as the Silicon Valley of the East before Taiwan and South Korea took over the leadership of the chip industry, is aiming to bring back its glory days. - Decorative pictures
KUALA LUMPUR: Forbes magazine has recently published a very interesting article about Malaysia that deserves the attention of the local and international press.
AI Summary
The Forbes article highlights the positive environment in Malaysia, ignoring the political storm, with an emphasis on prudent fiscal implementation, subsidies, and a shift to the semiconductor sector.
Malaysia is seeking to bring back the glory days of the chip industry by establishing a new semiconductor task force, aimed at attracting major investment in high-tech manufacturing.
Prime Minister Datuk Seri Anwar Ibrahim's strategic move to attract foreign investment and government reforms gained attention, building the administration's credibility in an effort to increase the nation's productivity.
SPI Asset Management Managing Director Stephen Innes told Bernama that it was quite different when seeing the focus on a more positive environment rather than a political storm, as commented through the magazine's comment section by writer Benjamin Laker.
Innes said in addition to prudent fiscal implementation and subsidies, the government's important step that stands out is the shift to the semiconductor field.
He said Malaysia, which was previously known as the Silicon Valley of the East before Taiwan and South Korea took over the leadership of the chip industry, aims to bring back its glory days.
"Establishing a new semiconductor task force demonstrates Malaysia's commitment to upgrade its industry from assembly to high-tech manufacturing.
"With a robust semiconductor ecosystem already in place, Malaysia is well positioned to attract significant investment, especially in high-value sectors such as semiconductor manufacturing.
"The strategic steps taken by Prime Minister Datuk Seri Anwar Ibrahim have supported Malaysia's potential to become a semiconductor power in the region," he said.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the article implied that the government's reform agenda had begun to be noticed by outside parties.
"This will help build the credibility of the current administration in their efforts to attract foreign investors and businesses to invest in Malaysia.
"Our country certainly has what it takes to invest and thrive when the government rearranges its spending priorities to increase the country's productivity in the medium to long term," he said.
Mohd Afzanizam said reform is usually associated with unpopular measures and the current government is brave enough to take up the challenge while at the same time ensuring that the reform agenda will be implemented at the appropriate pace.
"I believe those are the factors that attracted the attention of Forbes considering the great potential of the Malaysian economy," he said.
Through an article dated July 10, 2024, Laker praised the steps taken by the prime minister to attract investment in high-value sectors such as semiconductors and digital technology and address inadequacies by introducing a series of new taxes while optimizing costs amid ongoing challenges
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