KUALA LUMPUR: The Ministry of Investment, Trade, and Industry (MITI) has announced that Malaysia and Brazil have agreed to strengthen collaboration in the semiconductor sector.
The agreement was reached following discussions with Brazil's Ministry of Development, Industry, Commerce and Services, and the Ministry of Foreign Affairs during MITI's Trade & Investment Mission to Brasilia and Rio de Janeiro, Brazil, held from May 19 to May 23, 2024.
Liew Chin Tong, Deputy Minister of Investment, Trade, and Industry, headed the MITI delegation to Brazil.
"Both nations will utilise their respective industrial development plans, namely the New Industrial Master Plan (NIMP 2030) and Nova Industria Brazil 2033, to enhance cooperation in the semiconductor industry," it said.
Yesterday, Prime Minister datuk Seri Anwar Ibrahim announced that the government will allocate at least RM25 billion (USD 5.3 billion) in fiscal support to operationalise the National Semiconductor Strategy (NSS)RM500 billion in investments in its first phase.
Additionally, they are working towards the Second Bilateral Joint Trade Committee Meeting, scheduled to take place early next year.
Collaboration on semiconductors was one of the highlights of the phone call between Prime Minister Datuk Seri Anwar Ibrahim and President Luiz Inácio Lula da Silva on Feb 9, 2024.
"The Trade and Investment Mission to Brazil has laid the foundation for increased economic cooperation between the two nations."Malaysia aims to strengthen collaboration with Brazil to advance shared objectives within the Global South," it said.
Additionally, MITI said the significant outcomes are being planned for the potential Official Visit of Anwar to Brazil in November 2024, following an invitation from Lula of Brazilian 2023, Brazil ranked as Malaysia's second largest trading partner in Latin America.
Business meetings were conducted to explore trade and investment opportunities in areas such as cattle breeding, meat products, palm oil, and biomass, as well as to gain insights into the current operations of Malaysian companies in Brazil, specifically Petroliam Nasional Bhd (Petronas) and Yinson Holdings Bhd.