ICT company Loyal Reliance Sdn Bhd has signed a collaboration agreement with Universiti Teknologi Malaysia (UTM) to grow Malaysia’s research and development (R&D) ecosystem by training undergraduates and postgraduates.

“Globally, the ICT semiconductor industry is expected to be among the fastest-growing sectors in manufacturing, driven by accelerating digitalisation, industrial automation and increased demand for semiconductors from new growth segments like electric vehicles,” said Loyal Reliance Sdn Bhd director Syed Mohd Hafiz Syed Mohd.

“The global semiconductor market is projected to grow from RM2,153bil in 2022 to RM3,980bil by 2029, at a compound annual growth rate (CAGR) of 9.2% over the period of 2022 to 2029.

“We can leverage on UTM’s strong R&D capabilities to ensure that this project is successful and achieves a significant market share in Malaysia,” he added.

The agreement was signed by Syed Mohd Hafiz and UTM School of Chemical and Energy Engineering academic staff Assoc Prof Dr Lau Woei Jye.

“We believe that the successful outcome of this project will help generate new job opportunities and create new differentiating technologies for Malaysia,” said Lau, who will lead the research team.

The first of the three-phase project will take eighteen months.