Kuala lumpur: Malaysia is set to sign a memorandum of cooperation with Brazil aimed at enhancing collaboration in the semiconductor sector, as announced by Deputy Investment, Trade and Industry Minister Liew Chin Tong. The agreement underscores Malaysia’s commitment to expanding technological and industrial partnerships with emerging economies.
According to BERNAMA News Agency, the initiative aligns with the MADANI government’s strategic vision and Prime Minister Datuk Seri Anwar Ibrahim’s goal of fostering stronger trade relations with developing nations, including BRICS countries and regions across the African continent. The Prime Minister is also scheduled to visit Africa this November to bolster economic connections with the area.
In addressing a query from Ku Abd Rahman Ku Ismail (PN-Kubang Pasu) regarding the ministry’s strategies for diversifying trade with BRICS nations and the African continent, Liew highlighted Malaysia’s existing ties with Bangladesh and Pakistan. He emphasized the potential for these relationships to extend beyond traditional exports to include technology collaborations.
Liew stressed the importance of this diversification strategy to reduce Malaysia’s dependency on established markets like the United States. He acknowledged the possibility of a future decline in exports to the US, underscoring the need to develop new markets and commercial partnerships.
The ministry is also dedicated to reinforcing regional supply chains, particularly in critical sectors such as semiconductors, to ensure sustainable economic resilience. Liew noted efforts to strengthen the ASEAN supply ecosystem, establishing a framework for semiconductor supply chains that extends beyond ASEAN countries.
In conclusion, Liew shared that the ministry is actively pursuing strategies to uphold Malaysia’s economic resilience and competitiveness. This includes diversifying trade partners and investors through regional trade agreements like the Regional Comprehensive Economic Partnership and the European Free Trade Association.