Thrust will spur growth, says Wee

KUALA LUMPUR: The Government is eyeing better growth for the automotive industry by encouraging more innovative inventions to raise productivity.

Minister in the Prime Minister’s Department Datuk Seri Dr Wee Ka Siong said those involved in the industry must boost productivity through innovation and skilled labour so that it could remain as a key sector in the country’s economy.

He said that last year Malaysia exported RM11bil worth of automotive parts and components.

“While this year seems to be a challenging year for all in the automotive industry, we should be seeing much better growth,” he said at the opening of the biennial Automechanika Kuala Lumpur 2017 here yesterday.

He said the need to constantly innovate products for the needs of the market was equally important.

“Sometimes far-fetched ideas may become reality.

“I hope we can see more ground-breaking inventions originating in Malaysia, because we have no lack of access to the sharing of ideas and innovation,” he added.

Dr Wee also said the services and manufacturing sectors enjoyed robust development, making up 77.6% of the national growth.

He added that the manufacturing sub-sector for motor vehicles and transport equipment achieved double-digit growth of 23.1% and 20.5% for machinery and equipment.

“The increase in the production of parts and accessories for motor vehicles and motorcycles as well as consumer electronics contributed to the overall substantial performances.

“This is indeed a growth sector and a good place for returns on investments for the future,” he said.

Dr Wee noted that solid economic fundamentals and business-friendly policies had contributed to the growth in foreign investments in Malaysia.

He said that in the first two months, the country recorded more than RM35.3bil investments in the manufacturing and services sectors.

The three-day exhibition at KL Convention Centre here attracted 246 exhibitors from 18 countries and regions including China, Taiwan, Singapore and the European Union.