Malaysia should reduce its reliance on multinational corporations (MNCs) to boost its local technology industry and instead focus on building its own resilient ecosystem, said Economy Minister Rafizi Ramli.

He said stakeholders, including state governments and agencies, play a crucial role in creating high-skilled talent and implementing policies, initiatives and incentives to empower local players to scale up within the industry.This includes increasing commitments to research and development (R&D) and supporting local startups that have the potential to deliver high-impact economic growth.

"While Malaysia has been an attractive destination for semiconductor investment, this position isn't guaranteed. The global landscape is competitive, with strategies like de-risking and China Plus One affecting the sector.

"To maintain our status, we must move away from solely relying on MNCs and evolve into a more vibrant ecosystem with startups, value creators and tech innovators.The Integrated Circuit (IC) Design Park in Puchong, launched as part of this effort, aims to shift Malaysia's focus from being a manufacturing outpost to designing its own chips, he added.

"This is crucial for fostering innovation, particularly in consumer electronics, where chip design is essential."

Rafizi also noted that Malaysia has a significant presence in the electrical and electronics (E&E) industry, contributing around 8 per cent to the national economy, or approximately RM143 billion annuallyIn addition, he said semiconductor has been identified as a high-priority industry by the government, aligning with the emphasis on startups, IC design, innovation, technology and R&D highlighted during the KL20 Summit 2024.

Today's Malaysia Semiconductor Recruitment Day, organised by the Selangor Information Technology and Digital Economy Corporation, attracted over 2,000 students from 20 universities across Malaysia who are seeking job opportunities with 17 semiconductor companies.

These job opportunities cover a range of skill sets, with engineering roles in high demand, offering salaries ranging from RM5,000 to RM6,000.

Rafizi encouraged job seekers eager to enter the semiconductor field to remain adaptive and resilient in tackling the challenges of building a career in the industry.

"The best way to create high-paying jobs is to get more people to become IC design engineers and get involved in semiconductors.

"My only caution to all of you is that it's not going to be easy. It takes a lot of grit and relearning, it's complicated. And I hope as you go around and look for these jobs, even if you are not successful, it will allow us to recalibrate our expectations of the job market.

"It is a very competitive world. The younger generation has certain expectations about the quality of life that should be afforded to them, but it must come with a certain set of skills.

"While universities have a duty to equip you with the necessary knowledge, what differentiates a job seeker who will be offered a job today from those who won't is essentially your character and values," he added.