KUALA LUMPUR: Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz has encouraged electric vehicle (EV) auto makers with Malaysian facilities to consider making Malaysia their hub to supply and service the fast-growing EV market in Asean.
He said this is because the EV market in Asean is expected to grow at a compound annual growth rate (CAGR) of about 33 per cent from around US$500 million in 2021 to US$2.7 billion (RM11.77 billion) by 2027.
“Malaysia has many positive factors that make its investment landscape highly conducive to support multinationals’ regional hub ambitions.
“Apart from our strategic location, good infrastructure and rule of law, we also have a highly-established electrical and electronics (E&E) industry which has been reliably feeding the other industries, including aerospace, renewable energy and EVs,” he said in his keynote address at the UMW Toyota Beyond Zero event here, today. – Bernama