KUALA LUMPUR: Malaysia plans to construct Southeast Asia’s largest integrated circuit design park and can provide incentives together with tax breaks, subsidies and visa exemption charges to draw international tech firms and traders, the federal government mentioned on Monday.
Malaysia is aiming to show Kuala Lumpur right into a regional digital hub, with the aim of being among the many prime 20 international locations within the international startup ecosystem index by 2030.
Prime Minister Anwar Ibrahim mentioned the proposed integrated circuit design park was a part of Malaysia’s efforts to maneuver past backend chip meeting and testing and into high-value front-end design work.
The nation is a significant participant within the semiconductor business, accounting for about 13% of worldwide testing and packaging.
The park, to be backed by Malaysia’s central Selangor state, will home world-class anchor tenants and collaborate with international firms equivalent to British chipmaker Arm Holdings , Anwar mentioned, with out offering additional particulars.
Malaysia’s sovereign wealth Khazanah Nasional may also launch a fund to spend money on revolutionary high-growth Malaysian firms, with an preliminary allocation of 1 billion ringgit ($209 million), Anwar advised the KL20 Summit occasion, aimed toward launching new insurance policies to help Malaysian start-ups.
Economy Minister Rafizi Ramli mentioned the federal government will provide incentives together with subsidised workplace areas, exemptions on employment passes, relocation companies and decrease company tax charges for overseas enterprise capital corporations, tech entrepreneurs and unicorns – startups reaching a $1 billion valuation – trying to spend money on Malaysia.
“We need to entice international unicorns to enter Malaysia, in order that high-skilled and high-value jobs are created, apart from creating a pipeline of future entrepreneurs and senior leaders in tech,“ Rafizi mentioned.
