[KUALA LUMPUR] With a 13 per cent market share in the global chip industry, Malaysia is set to up the ante by constructing the region’s largest integrated circuit (IC) design park. This initiative is part of the country’s strategy to advance from back-end semiconductor manufacturing to high-value front-end design work.

Additionally, Malaysia’s sovereign wealth fund, Khazanah Nasional, together with local pension fund Kumpulan Wang Persaraan (KWAP) and Blue Chip Venture Capital will invest up to RM3 billion (S$855 million) in the domestic and South-east Asian tech ecosystems.

These are part of a string of initiatives announced by Prime Minister Anwar Ibrahim on Monday (Apr 22) aimed at courting quality investment and propelling Malaysia into the ranks of the top 20 global startup hubs by 2030.