MITI asks businesses get ready for great reset to prepare for new normal

KUALA LUMPUR: The Ministry of International Trade and Industry (MITI) has called for a great reset for businesses to quickly redeploy talent, launch new business models, enhance productivity, and develop more medium and long-term strategies to prepare the semiconductor industry for the new normal.

Deputy Minister Datuk Lim Ban Hong said sustainable long-term recovery would hinge on measures for business reorientation and innovation.

"I believe that the synergistic efforts of the government and the industry association to leverage the unique chip innovation ecosystem will facilitate even greater research and development collaboration and catalyse critical new innovations in the semiconductor technology.

Lim said he believes that Malaysia will witness a stronger recovery of the economy and promising growth prospects for the semiconductor industry towards year-end and beyond although the onslaught of the COVID-19 pandemic has battered the country's economy and disrupted industries supply chains.

"The government will continue to engage the industry, and governments along the supply chain to ensure minimal disruption to the supply of semiconductors, given Malaysia's prominence as a global supply of semiconductors.

"Any public health measures taken will be balanced with the economic impact of these measures," he added.

-- BERNAMA