KUALA LUMPUR: Malaysia aims to draw additional electric vehicle (EV) manufacturers as it seeks to become a hub for the Association of Southeast Asian Nations (ASEAN), an official stated on Tuesday. Citing promising conditions in Malaysia making it highly favorable to support multinationals’ regional hub ambitions, Malaysian Minister for Trade and Investment Tengku Zafrul Abdul Aziz said in his keynote address at an automotive event.
Malaysia Aims to Draw More EV Manufacturers
The Minister said that apart from their strategic location, good infrastructure and rule of law, they also have a highly-established electrical and electronics (E&E) industry, which has been reliably feeding the other industries, including renewable energy, EVs and aerospace.
He further said that the local EV market is likely to increase at a compound annual growth rate of regarding 33 % from 500 million U.S. dollars in 2021 to 2.7 billion dollars by 2027.
