GEORGE TOWN: The MyBrain programme should be reintroduced under Budget 2024 to expand the country’s talent pool in science, technology, engineering and mathematics (STEM), says the Malaysia Semiconductor Industry Association (MSIA).
Its president Datuk Seri Wong Siew Hai (pic) said the move would encourage skilled STEM talents to pursue a Masters degree or PhD.
“This programme should be reintroduced in order to expand the talent pool, which will benefit the nation in the future. It can also provide personal income tax relief of up to RM20,000 for those involved.
“These talents will be able to work in the country’s electronic and electrical (E&E) industry, especially in design and development,” he said.
Implemented under the 10th and 11th Malaysia Plans, MyBrain was introduced in 2008 with the aim of producing 60,000 PhD holders by 2023.
Before the Pakatan Harapan government suspended it in 2018, a total of 56,910 students pursued postgraduate studies during that time.
According to a MyBrain impact study, the programme had a positive impact on graduates’ marketability as well as career advancement.
Wong said from 2020 to 2022, the country’s E&E exports grew by 48% to RM593bil while the total E&E investments from 2016 to 2022 were at RM248.7bil.
“This has shown that the industry is poised to enter a new level of growth in the next few years as some of the investments have started to operationalise,” he said, adding that the war for talent is a key challenge facing the industry.
Wong said Budget 2024 should also look into assisting local companies in hiring fresh STEM graduates with CGPA scores of at least 3.30.
He said to improve the industries further, the Federal Government should delay the implementation of einvoicing and the global minimum tax from 2024 to 2025.
“The industry needs more time to reconfigure its systems. Guidelines from the government are needed, and they should be more specific with clear details,” he said.
The Small and Medium Enterprises Association Malaysia (Samenta) urged the government to create a positive economic climate to boost public confidence.
Its national secretary Yeoh Seng Hooi said a survey carried out by the association showed 23% of the respondents reporting a decline in sales revenue of between 11% and 50% this year compared to 2022.
“The number of SME operators who reported a decline in business is a cause for concern.”
Yeoh said the government should also address the foreign worker issue in Budget 2024, adding that many SMEs were facing problems with the labour shortage.
