MSIA: Hope that Malaysia’s semiconductor exports will reach MYR 1.2 trillion by 2030

2024/08/30

LINE TODAY
July 29, 2024
Author MoneyDJ Financial Management Network

The Malaysian Semiconductor Industry Association (MSIA) hopes that Malaysia’s semiconductor exports will reach US$256.96 billion by 2030

Ong Sau Tai, chairman of the Malaysian Semiconductor Industry Association (MSIA), said at the Tech in Asia Conference 2024 that the association hopes that Malaysia’s semiconductor exports will reach MYR 1.2 trillion (approximately US$256.96 billion) by 2030. Target. To consolidate Malaysia’s position as the world’s sixth largest exporter, the current export value compound annual growth rate (CAGR) is approximately 7.6%.

Chairman Wang said that in order to achieve the aforementioned growth goals, Malaysia needs to focus on improving its overall semiconductor value chain capabilities, including advanced packaging, integrated circuit (IC) design and smart manufacturing. In addition, the Malaysian government also needs to cooperate with local industries to deal with existing challenges, especially the shortage of talent. In terms of talent development, the government and industry need to work together to attract, train and retain more local talents through scholarships, interdisciplinary training programs and cooperation with universities. It is estimated that 300,000 talents are needed to achieve the upper target, of which 60,000 are technical talents such as material scientists, chemists and engineers. At the same time, Malaysia’s semiconductor industry needs to attract talents from other countries to fill the gap in the country’s talent pool. Currently, there are 10,000 to 20,000 foreign talents in Malaysia. When these foreign students study locally, especially in the fields of science and engineering, Malaysia can create employment opportunities for them.

In 2023, Malaysia's semiconductor industry export volume was MYR 575.45 billion (approximately US$125.37 billion), a decrease of 2.96% from 2022. (Source: International Trade Administration, Ministry of Economic Affairs)

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