by AFIQ HANIF/ pic Bernama
MALAYSIA’S Automotive Excessive-Tech Valley (AHTV) has the potential to change into a hub for the Asia Pacific electrical automobile (EV) market, which is predicted to achieve roughly US$778 billion (RM3.54 trillion) by 2027, stated Funding, Commerce and Trade (MITI) Minister Datuk Seri Tengku Datuk Seri Zafrul Tengku Abdul Aziz (fifth from left).
He added that the Asia-Pacific EV market is valued at virtually US$230 billion in 2021.
“The AHTV is ready to be a centre for automotive trade professionals, the place they’ll stay, work, and develop new applied sciences for next-generation automobiles (NxGV), EVs, and energy-efficient automobiles (EEV),” he stated on the launch of the AHTV World Buyers & Distributors Conference 2023 yesterday.
He added that Malaysia is already a serious electrical and electronics manufacturing hub in South-East Asia, which makes it a super location for automotive buyers seeking to safe their provide chains.
“The federal government is providing a gorgeous incentive bundle for buyers within the AHTV, together with tax exemptions for land growth and the manufacturing of components and elements, in addition to the institution of analysis centres and academic establishments,” he stated.
Tengku Zafrul stated the AHTV is the one automotive cluster in Malaysia to be formally recognised as an NxGV and EEV hub.
“Which means that it has the potential to change into a serious participant within the world EV market,” he added.
Malaysia’s New Industrial Grasp Plan 2030, which is predicted to be launched in August, will assist the automotive sector’s additional progress, together with the promotion of NxGV, EEVs and EVs.