MITI asks businesses get ready for great reset to prepare for new normal
12 Oct 2021
The Ministry of International Trade and Industry (MITI) has called for a great reset for businesses to quickly redeploy talent, launch new business models, enhance productivity, and develop more medium and long-term strategies to prepare the semiconductor industry for the new normal.
Deputy Minister Datuk Lim Ban Hong said sustainable long-term recovery would hinge on measures for business reorientation and innovation.
“I believe that the synergistic efforts of the government and the industry association to leverage the unique chip innovation ecosystem will facilitate even greater research and development collaboration and catalyse critical new innovations in the semiconductor technology.
“The rise and return of the semiconductor industry will be on stronger footing, and remain as Malaysia’s main economic contributor,” he said in his opening speech when officiating the virtual Malaysia Semiconductor Industry Association (MSIA) National E&E Forum 2021 yesterday.
Lim said he believes that Malaysia will witness a stronger recovery of the economy and promising growth prospects for the semiconductor industry towards year-end and beyond although the onslaught of the Covid-19 pandemic has battered the country’s economy and disrupted industries supply chains.
“The government will continue to engage the industry, and governments along the supply chain to ensure minimal disruption to the supply of semiconductors, given Malaysia’s prominence as a global supply of semiconductors.
“Any public health measures taken will be balanced with the economic impact of these measures,” he added.
Organised by MSIA, the annual forum themed ‘Fueling the Semiconductor Renaissance’ is aimed at bringing experts from Malaysia and overseas to discuss the challenges faced by the industry and how Malaysia can continue to grow the E&E sector and move up the value chain.