MAI: Budget boon for automotive


KUALA LUMPUR: Budget 2018 is set to boost the nation’s automotive sector via direct and indirect positive impact on various parties involved in the sector, said the Malaysian Automotive Institute (MAI).

Chief executive officer Datuk Madani Sahari said: “The budget provides a special approach in preparing Malaysia’s growth in accordance with the Industry 4.0. Manufacturers of vehicle component (vendors) can shift into higher gear, resulting from the RM245mil allocation set aside under the budget to upgrade smart manufacturing facilities,” he told Bernama.

Madani said that the focus given to technical and vocational education training would pave the way for new career opportunities and career enhancement for those joining the automotive industry with the necessary skills.

“The automotive industry needs many employees who are highly-skilled in every aspect, be it manufacturing or after-sales,” he said, adding that the first thrust of invigorating investment, trade, and industries would stimulate more inclusive investment and business.

The allocation of RM1.25bil to increase exports would spur the rate of exports for component manufacturers.

“More interestingly, the allocation for micro financing, presented in the budget will hopefully be an incentive to small and medium enterprises to be involved in the automotive sector,” he said. — Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Business , auto , budget , madani , sahari , automotive ,

   

Next In Business News

CPO futures seen trading with upward bias next week
As scrutiny mounts, crypto exchange Binance to wind down derivatives in Europe
Oil price climbs, notches fourth monthly gain on growing demand
Chevron tops profit estimates, joins share buyback stampede
Indian billionaire's new airline may give Boeing a chance to regain lost ground
Global Markets: US stocks slip, US# has worst week in almost two months
Post-pandemic comeback of Malaysian REITs
Selective opportunities in equities
Rocky road to recovery
How strong is the transitory narrative?

Stories You'll Enjoy


Vouchers