KUALA LUMPUR, February 19 — Rafizi Ramli has rejected claims that the RM1.1 billion microchip agreement with Arm Holdings was rushed during his tenure as economy minister, saying the proposal was presented to the Cabinet three times before approval.
Responding to an ongoing probe by the Malaysian Anti-Corruption Commission, Rafizi said a committee comprising representatives from the Ministry of Economy, Ministry of Investment, Trade and Industry, and Ministry of Finance deliberated extensively on the deal.
Adding that to label it as hasty would implicate multiple ministers involved in the decision-making process. He said negotiations involved senior leadership from ARM and were refined through repeated Cabinet discussions.
With the agreement ultimately re-tabled and approved to meet a mutually agreed signing date. Rafizi clarified that the Malaysian Investment Development Authority (MIDA), not the Ministry of Economy, formally signed the March 2025 agreement.
Which aims to secure advanced semiconductor intellectual property to help Malaysia move up the value chain into high-end AI chip design and production.
