CREST becomes MITI agency, facilitating NIMP 2030’s target to elevate E&E industry in global value chains
08 Sep 2023
- Aligns with MITI’s goal to boost Msia’s industrial complexity in the NIMP2023
- Formed to boost E&E sector through market-driven R&D&C & talent development
The Ministry of Investment, Trade & Industry (MITI) has officially announced that Collaborative Research in Engineering, Science and Technology (CREST) is now an agency under MITI.
In a statement MITI highlighted that CREST, an industry-led entity launched in 2012 to support Malaysia’s Electrical & Electronics (E&E) sector’s Research, Development and Commercialisation (R&D&C) ecosystem through market-driven collaborative R&D and Talent Development, aligns with its mission to enhance Malaysia’s industrial complexity under the New Industrial Master Plan 2030 (NIMP 2030).
In 2022, E&E exports reached US$126.8 billion (RM592.96 billion), accounting for 38.3% of Malaysia’s total exports. During the same year, this sector attracted 106 investment projects valued at US$6.2 billion (RM29.3 billion) and created 9,099 higher-paying jobs at the Managerial, Technical, and Supervisory levels, making it the leading industry in job creation.
Minister of Investment, Trade & Industry, Tengku Zafrul Aziz, expressed a warm welcome to CREST within the MITI family, emphasising that the company’s inclusion in MITI’s ecosystem is both appropriate and timely.
He highlighted CREST’s crucial role in supporting the establishment of Malaysia’s first wafer fabrication company and five Integrated Circuit design firms, as outlined in the recently launched NIMP 2030. Furthermore, he noted that CREST will play a vital role in elevating Malaysia’s semiconductor industry on the global value chain, leading to increased E&E exports and contributing to the MADANI Economy’s goal of positioning Malaysia among the Top 30 global economies.
CREST’s membership representation encompasses individuals from the government, industry, and academia, following a Triple Helix model that prioritises comprehensive support for the sustainable advancement of the E&E industry.
Jaffri Ibrahim, CEO of CREST, expressed their honor at being part of MITI and highlighted their partnership with key stakeholders as evidence of their dedication to fostering innovation and excellence in research and technology.
He continued, saying, “We are enthusiastic about contributing our expertise and resources to the success of the recently launched NIMP 2030 and catalysing the growth of the E&E industry. We look forward to collaborating with MITI to drive economic growth in Malaysia through innovation, cooperation, and sustainable development.”
In its eleven-year existence, CREST has evolved into a leading platform for collaborative applied research in the E&E sector, facilitating industry growth across various related sectors, geographic regions, and, most notably, in critical markets.
Source: Digital News Asia