Malaysia's economy to grow between 4.7% and 4.8%

Ong: With the localisation of the domestic passenger car market, aPs are no longer as commercially lucrative as they once were.

SUBANG JAYA: Malaysia's economy is projected to grow between 4.7 and 4.8 per cent this year, if the conditions improve during the second half of the year, said Deputy International Trade and Industry Minister Dr Ong Kian Ming.

He said the manufacturing sector would continue to drive the country's exports and economic growth, adding that the ministry would continue to spur its growth and investments.

"I believe more domestic companies would be more willing to invest during the second half of this year, given the clear government policies in place.

"In Bank Negara Malaysia's report released yesterday, we can see that the investment climate is still very good here, with approved investments improving, especially in the manufacturing sector," he said.

Ong was speaking to reporters after officiating the brand relaunch of China's automobile and commercial vehicle manufacturer, JAC Motors, and the launch of the new generation of JAC trucks here today.

He said in the 2019 Budget, the government projected a 4.9 per cent in gross domestic product this year, but since then, there has been a lot of global uncertainties such as the United States-China trade tensions and Brexit.

“If things get better, we will be able to see better than expected growth. If not this year then we hope (it will happen) next year,” Ong said.

At the event, JAC Motors announced the appointment of Mpire Auto Group's subsidiary, Mpire JAC Sdn Bhd, as the new sole distributor of JAC light commercial vehicles in Malaysia. - Bernama