Malaysia launches policy to boost domestic automotive sector

 

Kuala Lumpur (VNA) – Malaysia officially launched the National Automotive Policy 2020 (NAP 2020) on February 21 in an effort to bolster the development of the domestic automotive sector.

Speaking at the launch ceremony, Malaysian Prime Minister Mahathir Mohamad and Minister of International Trade and Industry Darell Leiking voiced their expectations that the NAP 2020 will create a new driving force for the country’s economy amid fiercer competition in the automotive industry and changes in consumer demand.

This move is to help the country’s automotive sector overcome any challenges and make it a major contributor to the development of the Malaysian economy.

The policy is expected to contribute 104.2 billion ringgit (nearly 25 billion USD) to Malaysia’s gross domestic product over the next 10 years, in line with a projection of a total production volume of 1.47 million vehicles.

To realise the target, Darell said Malaysia eyes an increase in research of new technologies; the creation of business and job opportunities, particularly for small and medium enterprises (SMEs); and the development of new manufacturing processes and value chains within the local automotive and overall automobile sector.

The NAP 2020 is a product of arduous research, extensive consultation, and detailed planning based on views and input from all industry players, academia and relevant government ministries and agencies.

Overall, the NAP review received positive feedback from stakeholders, Darell said during the launch./.