KUALA LUMPUR: Malaysia will sign a memorandum of cooperation with Brazil in the semiconductor sector and hold negotiations with India to strengthen technological and industrial collaboration between both countries.
Deputy Investment, Trade and Industry Minister Liew Chin Tong announced this move today in Parliament.
The initiative aligns with the MADANI government’s direction and Prime Minister Datuk Seri Anwar Ibrahim’s aspiration to enhance trade relations with developing countries.
This includes strengthening ties with BRICS member nations and the African continent.
The Prime Minister is scheduled to make an official visit to Africa this November to strengthen economic ties with the region.
Liew noted that Malaysia maintains good relations with Bangladesh and Pakistan and can enhance ties beyond exports to include technological collaboration.
He was responding to a supplementary question from Ku Abd Rahman Ku Ismail regarding ministry strategies to diversify trade with BRICS countries and Africa.
The strategy is crucial to ensure Malaysia does not become overly dependent on traditional markets such as the United States.
Liew stated that Malaysia may have to accept that reliance on the US as an export destination could decline one day.
Therefore, Malaysia needs new markets and commercial partners to maintain economic stability.
The ministry has also focused on strengthening regional supply chains, particularly in strategic sectors like semiconductors.
This focus ensures long-term economic resilience for Malaysia and the broader region.
Liew emphasized that Malaysia is no longer competing with Vietnam or other ASEAN countries but strengthening regional ecosystems.
Under ASEAN leadership, Malaysia is establishing a framework for semiconductor supply chains beyond ASEAN countries.
This framework will reinforce supply chains in Malaysia and throughout the entire region.
The ministry is implementing various strategies to ensure Malaysia’s economic resilience and competitiveness.
These strategies include diversifying trading partners and investors through regional trade agreements.
Key agreements include the Regional Comprehensive Economic Partnership and the European Free Trade Association. – Bernama