Malaysia to draw more EV manufacturers to become regional hub

Malaysian Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz said this in his keynote address at an automotive event.

News Agency of Nigeria • February 20, 2024

Electric vehicles used to illustrate the story [Photo Credit: Car and Driver]

Malaysia has aimed to draw more electric vehicle manufacturers as it seeks to become a regional hub for the Association of Southeast Asian Nations (ASEAN), an official said on Tuesday.

Malaysian Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz said this in his keynote address at an automotive event.

He cited favourable conditions in Malaysia that made it highly conducive to supporting multinationals’ regional hub ambitions.

“Apart from our strategic location, good infrastructure and rule of law, we also have a highly established electrical and electronics industry. This has been reliably feeding the other industries, including aerospace, renewable energy and EVs,’’ he said.

He added that the regional EV market was expected to grow at a compound annual rate of about 33 per cent from around $500 million in 2021 to $2.7 billion by 2027.

(Xinhua/NAN)

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