Malaysia a strong investment hub thanks to its ‘open policy’ amid US-China rivalry: trade chief
Malaysia has continued to ‘engage all countries’ as it navigates ongoing superpower rivalry, says Tengku Zafrul Aziz at Hong Kong event
Malaysia’s stable political landscape and openness to engaging both China and the United States amid the ongoing superpower competition have made it a strong investment destination, its trade minister has said.
Malaysia had a “very open policy” and continued to “engage all countries”, said Tengku Zafrul Aziz on Thursday, noting also that this would foster growth, particularly in its competitive semiconductor industry.
“We have to, as an open country, navigate [this superpower competition] because these are the two strongest economic, trading and investment partners for Malaysia and for the region,” he said, speaking at an event hosted by the Malaysian Chamber of Commerce in Hong Kong.
With the intense rivalry between the US and China escalating, many tech companies have aimed to diversify their supply chains to reduce geopolitical risks. Malaysia – among other Southeast Asian nations – has emerged as a beneficiary, introducing policies to attract investment and cementing its position as the world’s sixth-largest chip exporter.
Earlier this year, Prime Minister Anwar Ibrahim said Malaysia was the global semiconductor industry’s best bet for a “neutral and non-aligned location” to do business for chip makers seeking haven from the increasingly tense US-China tech war.
Anwar said Malaysia aimed to secure at least 500 billion ringgit (US$106 billion) in fresh semiconductor investments under a new National Semiconductor Strategy.
