The Ministry of Investment, Trade & Industry (MITI) announced that Collaborative Research in Engineering, Science and Technology (CREST) is now officially an agency under MITI.
CREST is an industry-led entity launched in 2012 to address Malaysia’s Electrical & Electronics (E&E) needs to grow the Research, Development and Commercialisation (R&D&C) ecosystem through market-driven collaborative R&D and talent development.
As MITI seeks to enhance the Malaysian industry’s economic complexity as one of the missions1 under the newly launched New Industrial Master Plan 2030 (NIMP 2030), CREST is a strategic addition to the MITI ecosystem. In 2022, E&E exports were valued at RM592.96 billion, representing 38.3% of total exports from Malaysia. For the same year, this sector also attracted a total of 106 investment projects, valued at RM29.3 billion. In terms of employment, 9,099 higher-paying jobs at Managerial, Technical and Supervisory (MTS) level were created, the highest among all industries in 2022.
The Minister of Investment, Trade & Industry, YB Senator Tengku Datuk Seri Utama Zafrul Aziz said, “The MITI family warmly welcomes CREST into its fold. Indeed, CREST’s inclusion in MITI’s ecosystem is not only appropriate, but also timely to provide key support towards establishing Malaysia’s first wafer fabrication company and five Integrated Circuit design companies, as outlined by the recently launched NIMP 2030.”
“Beyond the implementation of NIMP 2030’s initial measures, CREST will also be one of MITI’s key agencies to position the Malaysian semiconductor industry further up the global value chain. This, in turn, will help increase Malaysia’s E&E exports, which contributes directly to foreign exchange earnings, and the MADANI Economy target to place Malaysia in the Top 30 economies globally,” continued Tengku Zafrul.
CREST’s member representation comprises representatives from the Government, Industry and Academia, a Triple Helix model focused on developing holistic support for the sustainable growth of the E&E industry.
