Liew: Malaysia wants to be key destination for high-end manufacturing, services - MIDA | Malaysian Investment Development Authority
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Liew: Malaysia wants to be key destination for high-end manufacturing, services

Liew: Malaysia wants to be key destination for high-end manufacturing, services

23 Jan 2024

Malaysia aims to become a key destination for high-end manufacturing and services, with electrical and electronics, aerospace, medical devices and pharmaceutical, and chemicals among the key focus for sector development, said Deputy Investment and International Trade Minister Liew Chin Tong.

He said that Malaysia’s initial economic take-off before 1997 positioned the country as a high-end manufacturing nation in Asia, and there is a renewed focus on regaining that status, possibly this year or in the coming years.

“Our factories are not only for producing ordinary products but also for high-end manufacturing, including semiconductors and other fields. And our economy is not only for regular services but for high-end services such as regional headquarters, legal services, environmental services, or engineering services,” he told reporters at the 7th China International Import Expo Malaysia (CIIE) promotion event yesterday.

He said it is Malaysia’s aspiration that the country is recognised and considered by companies worldwide, including companies from China, that the nation is unique and can produce services and manufacturing activities that are considered high-end.

“While China was the world’s factory, Malaysia was overlooked. But now, due to the somewhat uncomfortable relationship between China and the United States, Chinese and Western companies are seeking or forming second supply chain alternatives apart from China. Malaysia can take advantage of this opportunity and become a destination for Foreign Direct Investment and Domestic Direct Investment,” he said.

In his speech, Liew said that in the context of high-end manufacturing and services, there is a call for greater integration between government and private entities.

“Our responsibility is to improve Malaysia’s regulations and propose initiatives that create a positive impact on Malaysia-China businesses, focusing on high-end manufacturing and services within the policy and legal frameworks.

“Economic alignment and collaboration between businesses are very much emphasised, and events like CIIE provide a platform for Malaysian entrepreneurs to engage with Chinese businesses, facilitating trade relations and benefiting both nations,” he said.

He added the key point is to encourage substantive cooperation, assist mutual understanding through exhibitions and expos, and foster an understanding of each other’s regulations and economic controls.

Liew said that this year, amid global political and economic uncertainties, there is a strong emphasis on kickstarting economic development.

“Prime Minister Datuk Seri Anwar Ibrahim consistently underscores the importance of economic progress and comprehensive development,” he added.

Source: The Sun