Malaysia aiming to become energy, chip making hub, PM says
Malaysian Prime Minister Anwar Ibrahim speaks during an exchange of notes after his meeting with Ethiopian Prime Minister Abiy Ahmed at Putrajaya, Malaysia October 26, 2024. REUTERS/Hasnoor Hussain/Pool/File Photo Purchase Licensing Rights
 Malaysia wants to leverage its location to become an energy and chip manufacturing hub this year, riding a recent jump in investments and a favourable outlook for the domestic economy, its premier and economic minister said on Thursday.
Malaysia is fast becoming a haven in Southeast Asia, with foreign investors returning as improving growth and a stable currency set it apart from peers grappling with political flux and economic uncertainty.
Prime Minister Anwar Ibrahim said Malaysiaâs economy rebounded dramatically last year, spurred by an influx of strategic investments, most substantially in renewable energy and artificial intelligence infrastructure. He added inflation and the ringgit were stable and the stock market was the regionâs top performer.
âIn 2025, we want to double down on our geographical centrality, as a conduit for electricity, talent and supply chain diversification,â he said at an economic forum.
Anwar said Malaysia will now aim to refine its expertise in oil and gas, semiconductors, and Islamic finance to become a global market leader in each field.
Economy minister Rafizi Ramli said Malaysia is looking to produce its own graphics processing unit chips as demand for artificial intelligence and data centres grows.
âWe are hoping that we can start producing made-by-Malaysia GPUs and chips in the next five to 10 years,â he said.We have succeed in many areas. However, there are critical matters still need to be agreed
Malaysia, a major player in the semiconductor industry that accounts for 13% of global testing and packaging, is targeting over $100 billion in investment for the sector.
The Southeast Asian country is seen as well placed to attract more business as Chinese chip firms diversify overseas for assembling needs, and has attracted multibillion-dollar investments from leading firms in recent years, including Intel (INTC.O) and Infineon (IFXGn.DE).
Malaysia also received a slew of digital investments from major tech firms last year, including Alphabetâs (GOOGL.O) Google, helping to propel its economy with growth beating market expectations in the second and third quarters and the ringgit becoming one of Asiaâs top performers in 2024.
Source: www.reuters.com
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