FILE PHOTO: A general view of a business district in Kuala Lumpur, Malaysia September 15, 2020. REUTERS/Lim Huey Teng/File PhotoKUALA LUMPUR: Malaysia plans to build Southeast Asia's largest integrated circuit design park and will offer incentives including tax breaks, subsidies and visa exemption fees to attract global tech companies and investors, the government said on Monday .
Prime Minister Anwar Ibrahim said the proposed integrated circuit design park was part of Malaysia's efforts to move beyond backend chip assembly and testing and into high-value front-end design work. The park, to be backed by Malaysia's central Selangor state, will house world-class anchor tenants and collaborate with global companies such as British chipmaker Arm Holdings, Anwar said, without providing further details.
Economy Minister Rafizi Ramli said the government will offer incentives including subsidised office spaces, exemptions on employment passes, relocation services and lower corporate tax rates for foreign venture capital firms, tech entrepreneurs and unicorns - startups reaching a US$1 billion valuation - looking to invest in Malaysia.
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