Malaysia looks to become EV manufacturing hub in Southeast Asia
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| Malaysia is striving to become an EV manufacturing hub in Southeast Asia. (Illustrative source: Reuters/VNA) |
Hanoi - Malaysia aims to attract more electric vehicle (EV) manufacturers as it is striving to establish itself as an EV manufacturing hub for the Association of Southeast Asian Nations (ASEAN), an official has said.
Addressing an event of the automotive industry in Kuala Lumpur on February 20, Malaysian Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz highlighted favourable conditions making his country highly conducive to support multinationals' regional hub ambitions.
Apart from its strategic location, good infrastructure, and rule of law, the country also has a highly-established electrical and electronics industry which has been reliably feeding other industries like aerospace, renewable energy and EVs, he noted.
The official added that the regional EV market is expected to grow at a compound annual growth rate of 33% from around 500 million USD in 2021 to 2.7 billion USD by 2027.
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