KUALA LUMPUR (July 24): The Malaysia Semiconductor Industry Association (MSIA) is targeting for semiconductor exports to reach RM1.2 trillion by 2030.

MSIA president Datuk Seri Wong Siew Hai said the target solidifies Malaysia's position as the sixth largest exporter in the world and represents a compound annual growth rate (CAGR) of approximately 7.6% from the current export value.

“To achieve this growth, Malaysia will need to focus on improving its capabilities across the semiconductor value chain, including advanced packaging, integrated circuit (IC) design and smart manufacturing,” he said in a fireside chat session at Tech in Asia Conference 2024 here on Wednesday.

He said the government needs to collaborate with local industries to tackle existing challenges, particularly talent shortage.

"In talent development, the government and industry will need to work together to attract, train and retain more local talent through initiatives like scholarships, cross-disciplinary training programmes and collaborations with universities.

"We projected that we need 300,000 talents to achieve the target, and 60,000 of them will be technical talents such as material scientists and chemists as well as engineers," he said.

Meanwhile, Wong said the semiconductor industry needs to use talents from other countries to fill up the gap in the country's talent base.

"We now have 10,000-20,000 foreign talents in Malaysia. With these foreign students studying over here, especially in science and engineering, we can offer them work here as well.

"I think this is under consideration but hopefully we could hear some positive news," he added.

In 2023, Malaysia’s semiconductor exports dropped by 3% to RM575.45 billion from 2022's record RM593 billion.

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