: Malaysia’s semiconductor industry must diversify and go beyond its heavy reliance on multinational corporations and manufacturing capabilities to secure its position in the global market, especially in the face of potential disruptions, said Economy Minister Rafizi Ramli.
“As much as this is good news, this position is not guaranteed, it’s a very competitive and dynamic environment, and with the rise of de-risking and China+1 strategies, the landscape has fundamentally shifted,” he said in his speech before officiating the Malaysia Semiconductor Recruitment Day 2024 here today.
“Therefore, it is very much a startup environment which means that you require different kinds of people, different types of risk profiles and it requires different kinds of funding and business models. That’s why we need venture capital and PE firms,” he said.“I think they estimated that we need around 60,000 engineers and that is why government departments, agencies, private sectors and the universities are working together to ensure we can meet this demand,” he said.
“If we can sustain this momentum, we should be able to meet the target of onboarding 20,000 high-skilled professionals,” he said.