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Tuesday, October 29, 2024

Regional alliance drives semiconductor growth

(From left) EY Shanghai partner Derick Yap, InvestPenang chief executive officer Datuk Loo Lee Lian, Wang, Zairil, Wong, IBM Malaysia general manager Dickson Woo and Shanghai Fengmi Cloud Media Technology Co Ltd chairman Steven Huang launching 2024 Asia-Pacific Semiconductor Summit and Expo in Penang.

STRONG regional partnerships can drive growth, innovation and advancements in the semiconductor sector.

By leveraging each other’s expertise and ecosystems, stakeholders will be better positioned to stay at the forefront of this rapidly evolving industry.

Penang infrastructure, transport and digital committee chairman Zairil Khir Johari said this while launching 2024 Asia-Pacific Semiconductor Summit and Expo (APSSE) in Penang.

The recent two-day event held at Setia SPICE Convention Centre in Bayan Lepas, Penang, brought together over 30 exhibitors and 600 delegates from nine countries.

It was organised by Malaysia Semiconductor Industry Association (MSIA) and Penang government, in partnership with Shanghai Fengmi Cloud Media Technology Co Ltd.

Zairil said the semiconductor industry was the backbone of the modern economy, powering everything from smartphones to electric vehicles and machinery.

“There is almost nothing today that doesn’t have a chip in it.

“And with changes brought on by the 4th Industrial Revolution, potential applications would only continue to expand.”

He said the global semiconductor industry was valued at US$544bil (RM2.36tril) in 2023, and this was projected to exceed US$1tril (RM4.34tril) by 2030.

“There are opportunities for everyone, which makes events like APSSE 2024 a good platform for industry players and government to exchange ideas and explore collaborations,” Zairil said in his opening address.

He highlighted the long-standing and successful collaborations between Malaysian and Chinese firms as proof that such regional partnerships could be mutually beneficial.

“Indeed, 2024 marked the 50th anniversary of bilateral diplomatic relations between the two countries.

Zairil (front, centre), Wong (second from right) and other delegates observing a virtual reality application by one of the exhibitors.

“Around half of APSSE 2024’s exhibitors are from China.

“Together, we can drive innovation, enhance global supply chain resilience and shape the future of the semiconductor landscape.

“Malaysia is committed to deepening economic ties with China, especially in advancing technologies such as semiconductors, electric vehicles and green energy,” he added.

Zairil also praised various stakeholders for keeping the industry resilient in spite of various challenges in recent years, such as the pandemic and global geopolitical tensions.

“We have long been a key player in the semiconductor value chain, contributing approximately 13% of global assembly, testing and packaging. Of that number, almost half comes from Penang,” he said.

From 2019 to 2023, Zairil revealed that Penang attracted RM170bil of foreign direct investments, which was more than double the preceding decade.

“This showed how much growth was achieved in the last five years.

“We have become a trusted partner of many leading global firms,” he added before touring exhibitor booths in the arena.

MSIA president Datuk Seri Wong Siew Hai said the semiconductor industry was a cornerstone of the local economy, contributing over 40% of total exports in the electronics sector.

“With over 50 years of experience in the industry, a strategic location, strong ecosystem, cost-competitiveness, skilled talent and business-friendly government, we have been able to attract billions of ringgit in investments from tech giants across the world.

“But competition is intense and we must keep pace.

“Government initiatives like the National Semiconductor Strategy (NSS) and New Industrial Master Plan (NIMP) 2030 will allow us to move the industry into higher value areas.

“MSIA recently launched the Advanced Technology Equipment Cluster (ATEC) to consolidate expertise to meet ever changing demands and keep us as a market leader,” said Wong.

He noted that APSSE 2024 was the first time many of the participating Chinese firms had exhibited outside their country.

He said most people took it for granted, but everything they use had semiconductor components of varying complexities inside.

“Mobile phones and smart TVs are the most obvious examples. Other things like your air-conditioner remote, ceiling fans, water heater and even the thermal flask you use to make a cup of coffee, need such components to operate.

“An electric vehicle has over 3,000 semiconductors.

“It’s a key component of green energy. If you live in a rural area without running power, the solar panels that allow you to power things also need semiconductors.

“Go to any hospital and all the medical devices used to test you have lots of semiconductors inside.

“Global e-commerce would not be possible either without these tiny chips.

“The only difference is that we’re constantly coming up with newer materials that allow each piece to perform more functions at a lower cost,” Wong added.

ACM Research (Shanghai) Inc chairman Dr David Wang Hui said such globalisation would continue to be a fundamental driving force for the industry.

“Many Chinese companies are interested in coming to Malaysia.

“This would not only bring investment and create local jobs, but also drive innovation, technology, product quality and better manufacturing systems,” he added.

The APSSE event featured a series of panel talks, with topics on “Global Semiconductor Outlook”, “Transitioning from Local to International Outbound Investments”, “Artificial Intelligence”, “Asia-Pacific Semiconductor Strategies”, “Advancing ESG Through Innovations”, “Intellectual Property”, “Advanced Packaging” and “Strategies for STEM Talent Development”.

Business matching sessions and tours of several industrial sites were also held.

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New Zealand may have a solution for world’s debt

Quick fix: Pedestrians walk past a Moore Wilson & Co supermarket in Wellington. The success of New Zealand’s reforms are reflected in its fiscal performance, says Ball. — Bloomberg

WELLINGTON: In the early 1980s, New Zealand was on the brink of economic collapse.

Two oil price shocks had saddled the country with high inflation, and the United Kingdom’s decision to join the European Economic Community a decade earlier had cut off access to a key export market.

Successive governments had compounded the pain with a series of policy errors – throwing around subsidies, awarding inflationary pay deals and trying to control prices, while keeping interest rates too low and taxes too high.

The result was soaring unemployment and mounting debts.

No wonder some dubbed New Zealand the Albania of the South Pacific.

Yet over the remainder of that decade, New Zealand was transformed into one of the most prosperous countries in the world.

A new Labour government took office in 1984 and embarked on a form of shock therapy that came to be known as “Rogernomics” after Finance Minister Roger Douglas.

The government removed exchange controls, slashed subsidies, privatised services and handed responsibility for setting interest rates to a newly independent central bank.

New Zealand also introduced a different accounting approach throughout the public administration.

It is impossible to separate out the precise impact of each of these policies.

But Ian Ball, a former senior Treasury official, professor of public finance management at Victoria University in Wellington, and one of the authors of Public Net Worth (Palgrave Macmillan, February 2024), says accounting reform was among the most consequential.

Accounting is notoriously dry stuff. But switching to an accruals-based approach used in the private sector, and away from the cash-based systems traditionally used by governments, forced departments to think long-term and maximise the efficient use of assets.

This is especially relevant in the United Kingdom at the moment with the government on the cusp of major budget reform.

To see what this means in practice, take the case of public sector pensions.

Under a cash-based system, the debt is accounted for when the pension is paid, which could be years in the future.

The government has little incentive to make any provision for it.

But with accrual-based accounting, the cost of the pension commitment must be recorded as a liability when the benefit is earned.

That led the New Zealand government in 2001 to establish a Superannuation Fund to pay for future pensions.

Today, this quasi-sovereign wealth fund is regarded with jealousy by countries that wish they had something similar.

Take another example: Under an accruals-based system, the budget includes a charge each year to reflect the fact assets such as buildings and infrastructure deteriorate and eventually become obsolete.

This is what accountants call depreciation.

Because the cost runs through annual budgets, there is a strong incentive for governments to enhance the value of their assets by managing them efficiently.

Under a cash-based system, there is no such incentive, meaning long-term investment is deferred, and future generations are left to pick up the bill when buildings fall into disrepair and the infrastructure crumbles.

The success of New Zealand’s reforms are reflected in its fiscal performance, says Ball.

“What you see is a very significant change.

“We had had two decades of deficits before these reforms, but once they were in effect, from around 1994, we had basically a trend of strengthening the balance sheet and increasing net worth.

“And as you strengthen the balance sheet, you have the effect of reducing debt too.”

With the exception of the four years after the global financial crisis and the devastating Christchurch earthquake in 2011, which caused damage equivalent to 11% of gross domestic product (GDP), net worth grew every year until the pandemic.

Ball is on a mission to export New Zealand’s experience.

In collaboration with colleagues from around the world, including a historian, a banker, a former UK Treasury official and the former global chief economist at Citigroup Inc, he has written Public Net Worth to explain how this approach could be the answer to the one of the biggest challenges facing almost every government today:

How to tackle excessive public debt, particularly at a time when ageing populations, geopolitical tensions, geoeconomic fragmentation and the costs of combating climate change add to fiscal pressures.

US public debt is close to 100% of GDP and is projected to rise to 122% by 2034.

Many eurozone countries are struggling to bring debts and deficits under control to comply with single currency rules. The situation in many developing countries is even more stark.

Indeed, economists from the International Monetary Fund (IMF) have warned that global public debt may be higher than previously known and getting worse, and that countries will have to make much more significant fiscal adjustments to deal with the problem.

According to the IMF’s latest estimates, global public debt will exceed US$100 trillion by the end of this year, equal to about 93% of global GDP.

Against such a backdrop, the authors argue that accrual-based accounting could improve public sector productivity, helping ease the pressure on cash-strapped governments.

For example, they reckon governments could make easy gains through better management of their public property.

Cash-based accounting values property based on what you paid for it, less depreciation, with no reference to the current market value.

But without up-to-date valuations of assets, government decision-making takes place in the dark.

Should a building be renovated or sold?

How much should the state charge for its services?

A road network, for example, is a valuable public asset.

But in a cash-based system, there is no incentive to generate money from it, whether via tolls or road-pricing or some other mechanism.

In New Zealand, says Ball, one of the early exercises was to work out an appropriate capital charge for public services.

Armed with that information, the government could then decide who was best placed to deliver them: the state or the private sector.

As the old saying goes, what you can’t measure you can’t manage. — Bloomberg

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Monday, October 28, 2024

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Saturday, October 26, 2024

Religious cults are enemies of nation building and economic progress

The rise of cults like GISB or Global Ikhwan Sendirian Berhad and Holdings threatens planning for a prosperous and dignified Malaysia. — Bernama

The Madani budget has been tabled and it aims for development and progress hopefully will turn our lives around for the better.

The rise of cults like GISB or Global Ikhwan Sendirian Berhad and Holdings, which is believed to be a splinter of the Al-Arqam cult that was declared a deviant group, threatens our planning for a prosperous and dignified Malaysia.

Knowledge progress

One key aspect of human and nation development is the progress in knowledge. In order for knowledge to grow, thrive and be of use, it must developed in a critical and rigorously academic and practiced manner.

Information, experience and perceptions of societies must be framed within a critical discourse and questions formulated to break down the issues and rigorously examined to develop newer and better ways of doing things or thinking about things. With the presence of cult teachings, knowledge is inward and imprisoned and all interpretations will depend entirely on a group of self appointed people that would imprison the human minds to stagnate and eventually die. Billions of ringgit allocated for education and research would be wasted and the nation will never change and progress positively.

Prof Mohd Tajuddin opines that religious cults will undermine progress of the nation — dividing the community and stagnating progress with the rejection of discourse and critical thinking.

Secular education

An important part of education is profession-based knowledge and philosophical or social based knowledge. Both must come from a secular perspective with critical discourse and empirical findings being the basic tools for humanity to teach itself differently from the past.

Cults like GISB would stagnate and kill secular education as it is deemed unrelated to the world view of God and other religious teachings.

The budget had allocated almost RM90bil for schools and universities to make sure that the country has the work skills and the professional knowledge that would attract investors as well as provide a multi-national collaboration on many business and educational ventures.

Cult teachings abhor secular knowledge, which is deemed detrimental to the survival of the faith that deals with the idea of faith knowledge from the elders, with no chance for testing, examining and discourse.

Education religion

The budget also saw much money being allocated for religious teaching especially that of Islam. The Madani government seek a modern style education of the tahfizs, madrasah and Islamic education institutions in order to provide a perspective of both the worldly and spiritual development as one and growing at the same pace. Cults like the GISBH uses direct faith teaching that has gone far away from the teachings of the Prophet Muhammad. They rely only on their cult leader’s Abuya or Ashhaari’s visons and statements to guide their spiritual paths.

The cult believes in the continuity of the dead leader’s teachings through human vessels and even vassals in order to grasp a strong hold on the minds and soul of the followers. They will not be able to appreciate the real teaching of Islam from a platform that is more moderate and critical in approach.

Global work culture

A global work culture is no longer an “if” but is now a “must”. Work appointments now cross cultural boundaries and a global education construct that looks at the world is encouraged, and peering inwards at one’s own micro society is no longer an option. Universities must see that their curriculum accreditation aligns with the broader requirements of a borderless world. The idea of an education for a career destined mainly in a small geographical location is no longer an attractive or the only option.

A narrow-minded educational construct is no different than a cult holding back its followers under a coconut shell that would have apparent short term safety at the cost of larger and more golden opportunities.

Freedom and entrepreneurship

Freedom of expression and questioning leads to entrepreneurship where the talents and ideas matter most. The days of a fixed and boxed in ideas of cults like GISBH or even of professions in any practice are challenged with the rise of AI doing jobs that earlier graduates can perform.

The new ways are the management and the ideas of new ventures and cross cultural competition at the global levels are now the new gaming fields. The old borders should be no more. And yet, Malaysia is still stifled with old outdated practices and evaluations of a fast disappearing and extinct work constructs and policies. To be successful, new ideas must challenge the old ideas and practices with the ocean that has no shorelines to be the new battlefields of economies.

Democracy and dignity

In human history, religion was supposed to define the dignity of a person.

But then, religion became a tool of conquest and subjugation and has made man less than what he was meant to be by creating a class of clergy and followers.

It was democracy, socialism and communism that began to redefine the dignity of the person through ideas of economy, whether of a shared state or a capitalistic one.

The worth of a person is related to the idea of property ownership and currency exchange in one sense and also the ideas of human rights and civil liberties on the other. In a cult where the leadership owns and profits everything while treating workers as slaves without personal wealth, the dignity of a person decreases significantly as well as the idea of expansion and innovation. Without personal wealth and capital, new ventures would fail to materailise.

Democracy as practiced now in many nations is an anchor of economic well being where justice for basic survivability and dignity of people are controlled by the masses rather than like a cult from the leadership alone. Political and religious cults destroys human dignity and thus the economies that go with them.

Conclusion

Religious cults will undermine our progress as a country and as a nation. They divide our community and stagnate our progress with the rejection of discourse and critical thinking. Without discourses and critical thoughts, entrepreneurship and progress die out along with whatever survivability or sustainability that we can ever hope for.

Prof Dr Mohd Tajuddin Mohd Rasdi is a professor of Architecture at the Tan Sri Omar Centre for Science, Technology and Innovation Policy Studies at UCSI University. He also sits on the Board of Governors of Universiti Kebangsaan Malaysia (UKM).

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