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| Update NAP review ready by 3Q |
| Written by Chan Kok Leong | |||
| Tuesday, 26 May 2009 10:52 | |||
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The country is also ready to eliminate import duties on all products for motor vehicles, automotive parts and components by Jan 1, 2010, he added. "The Gazette to reflect the elimination of duties will be issued towards the end of the year," he said in his keynote address in conjunction with the 2nd KL int'l Automotive Conference 2009. This is in accordance to Malaysia's signing of the Common Effective Preferential Treatment (CEPT) scheme and the ASEAN Trade in Goods Agreements, he added. The conference themed "Surviving n Thriving During the Economic Slowdown" is organised by Malaysian Automotive Association (MAA) and Asian Strategy n Leadership Institute (ASLI). Muhyiddin, who is the former Minister of International Trade and Industry, said the automotive industry, had up to 2008, attracted investment for 135 projects valued at RM2.37 billion. "Of these, 87.7 percent or RM2.07 billion were for domestic investment while foreign investment accounted for 12.3 percent or RM291 million." There are 690 automotive parts manufacturers and about 110 motorcycle parts makers, of which 75% are Malaysian-owned. Muhyiddin said the automotive component industry now had the competency to design and develop components for original equipment and replacement markets. He added there were 45 vendors equipped to design and develop, source components and manufacture the whole module for vehicle manufacturers. The government, he said, would accord priority and adequate support to the automotive industry. However, industry leaders had to "remain competitive", he added, pointing out the the industry "cannot continue to depend too long on goverment protection". "The industry must focus on operations and cost efficiency to reduce cost, increase productivity and sell more through proactive and innovative marketing strategies," said Muhyiddin. "Even though, Malaysia's motor vehicle sub-sector is not directly affected by the current economic slowdown due to its heavy dependence on the domestic market, industry sales is expected to decline by 12.4 percent in 2009. "It is imperative for the industry to think and plan ahead. How will the industry cope with the government's plans to improve public transportation, focus on Green Technology and encourage the use of bio-fuel, solar and hybrid technology?" he asked.
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