Manufacturing to grow 6.7%

  • Business
  • Tuesday, 18 Apr 2006

KUALA LUMPUR: The manufacturing sector is expected to grow at an average rate of 6.7% per annum during the Ninth Malaysia Plan (9MP) period, said International Trade and Industry Minister Datuk Seri Rafidah Aziz. 

She said the share of manufactured to total gross exports would expand to 83.4% in 2010 from 80.5% in 2005, while exports of manufactured goods would register an average annual growth of 9.3%. 

“The Third Industrial Master Plan (IMP3) to be launched in June will dovetail the 9MP, and ensure that the mission set out reaches fruition,” Rafidah said in addressing the public and private sectors at the annual dialogue yesterday. 

The IMP3 is a 15-year rolling plan for the integrated development and services sectors. 

She said 12 sub-sectors had been targeted for further development and promotion, including electrical and electronics, petrochemicals, pharmaceuticals, medical devices, textiles and apparel, transportation, machinery and equipment, metals, wood-based products, rubber and rubber products, oil palm-based and food processing. 

Rafidah said besides manufacturing, the Government would also be focusing on the development and promotion of the services sector.  

Among the targeted growth areas are business and professional services, distributive trade, construction, education and training, tourism, health services, logistics, as well as information and communications technology. 

In 2005, manufacturing continued to be a major contributor to economic growth, accounting for 31.4% of the gross domestic product, against 31.6% in 2004. Manufacturing was also one of the fastest growing sectors after services, with 4.9% growth versus 9.8% in 2004.  

Exports of manufactured goods grew by 9.6% to RM413.1bil last year, accounting for 77.4% of total exports, and approved investments in the same sector totalled RM31.1bil. 

Rafidah said Malaysia had commenced bilateral negotiations on Free Trade Areas (FTAs) with Australia, New Zealand, Pakistan and the United States. On the regional front through Asean, it was negotiating FTAs with South Korea, Australia, New Zealand and India, she added. – Bernama 

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