Discussions earlier this month between U.S. and Malaysian governmental and business leaders produced renewed support for "the strong commercial relationship" for semiconductor trade between the two nations, according to a joint statement.
The joint statement, issued Thursday, Nov. 18, was issued after a roundtable discussion in Malaysia between government and business leaders that focused on the semiconductor supply chain. U.S. Department of Commerce Secretary Gina Raimondo and Malaysian Senior Minister of International Trade and Industry Mohamed Azmin Ali released the joint statement.
"We support the strong commercial relationship between the United States and Malaysia through enduring trade, investment, industry facilitation and technical cooperation," the statement issued by the Commerce Department said. "We aspire to further strengthen this relationship by creating linkages between our governments and private sectors while navigating our economies past the devastating effects of the COVID-19 pandemic. We believe that trade, investment and sustainable supply chains will be the building blocks in restoring our economies back on a growth trajectory."
Malaysia's National Investment Aspirations will continue to bolster long-term competitiveness by driving comprehensive reforms to promote "enablers of high value, high technology, knowledge, capital, skills-intensive and high-income employment," the joint statement said.
"In this spirit, we aspire to collaborate in areas where a mutually beneficial supply structure exists between the United States and Malaysia. These include, but are not limited to, climate change mitigating products, digital trade, medical devices and electronics," the joint statement continued. "Further, Malaysia has identified the energy and environment industry as a strategic sector which will strengthen the key foundations of sustainable growth. As such, we believe a strong U.S.-Malaysia partnership would help both our countries achieve the maximum potential for robust mutual growth. Malaysia’s human resource capacity provides a strong basis for collaboration in high-impact, high-tech investment in tandem with the United States’ technological advancement in this area. We would like to see enhanced collaboration and information sharing platforms that would provide better transparency and effective engagements in advancing efforts of common interest."
The round table happened the day after U.S. Department of Commerce Secretary Gina M. Raimondo on Nov. 17 concluded her official visit to Asia with a stop in Malaysia, according to a Commerce Department news release that day. Raimondo's discussion agenda during the trip included Malaysia's cooperative economic relationship with the U.S. The worldwide semiconductor industry received particular attention.
The following day, Raimondo met Azmin Ali and others to discuss ways to deepen U.S.-Malaysia economic ties, according to a separate department news release that day. Possibilities discussed included President Joe Biden's new Indo-Pacific economic framework and a commitment "to expand cooperation to ensure secure and reliable regional supply chains for high technology goods," the second news release said. The roundtable also included discussion about "opportunities for greater investment in the United States and Malaysia."
Malaysian goverment and business with whom Raimondo met during her trip include the nation's Prime Minister YAB Dato Sri Ismail Sabri.
