Malaysia unveils plans to construct Southeast Asia's largest integrated circuit design park, offering incentives like tax breaks and waived visa fees to attract tech companies and investors. The country aims to elevate Kuala Lumpur into a regional digital hub and ranks among the top 20 countries in the global startup ecosystem by 2030. Malaysia�s Prime Minister Anwar Ibrahim emphasised on Malaysia's transition to advanced front-end design work in the semiconductor industry, with collaboration opportunities with companies like Arm Holdings. Additionally, Malaysia's sovereign wealth fund, Khazanah Nasional, announced a 1 billion ringgit fund to invest in local innovative companies.
To position itself as a regional powerhouse in the technology sector, Malaysia has unveiled ambitious plans to bolster its presence in the global tech landscape. Spearheaded by Prime Minister Anwar Ibrahim and Economy Minister Rafizi Ramli, these initiatives aim to attract top-tier tech companies, foster innovation, and create high-value job opportunities in the country.
At the forefront of Malaysia's tech push is the development of the largest integrated circuit design park in Southeast Asia. Backed by the central Selangor state, this state-of-the-art facility will offer a range of incentives including tax breaks, subsidies, and waived visa fees to entice tech giants and investors from around the world. Prime Minister Anwar Ibrahim emphasised that this initiative signifies Malaysia's transition from basic chip assembly to advanced front-end design work, solidifying its position as a significant player in the semiconductor industry (Responsible for roughly 13% of worldwide testing and packaging).
Furthermore, Malaysia is setting its sights on transforming Kuala Lumpur into a pivotal digital hub in the region. With the goal of securing a spot among the top 20 countries in the global startup ecosystem index by 2030, the government is actively implementing policies to support local startups and attract foreign investment.
In an announcement at the KL20 Summit event, Anwar Ibrahim revealed that Malaysia's sovereign wealth fund, Khazanah Nasional, will establish a fund of 1 billion ringgit (USD 209 million) to fuel the growth of innovative Malaysian companies. Additionally, Economy Minister Rafizi Ramli unveiled a slew of incentives aimed at enticing foreign venture capital firms, tech entrepreneurs, and unicorn startups to invest in Malaysia. These incentives include subsidised office spaces, exemptions on employment passes, relocation assistance, and reduced corporate tax rates.
Rafizi Ramli articulated the government's vision to attract global unicorns to Malaysia, underscoring the importance of creating high-skilled jobs, fostering high-value work, and nurturing the next generation of tech leaders and entrepreneurs.
With these ambitious initiatives in place, Malaysia is set to emerge as a formidable force in the global tech arena, driving economic growth and innovation while cementing its position as a leading destination for tech investment and entrepreneurship.
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