by AFIQ HANIF/ pic Bernama
MALAYSIA’S Automotive High-Tech Valley (AHTV) has the potential to become a hub for the Asia Pacific electric vehicle (EV) market, which is expected to reach roughly US$778 billion (RM3.54 trillion) by 2027, said Investment, Trade and Industry (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 almost US$230 billion in 2021.
“The AHTV is set to be a centre for automotive industry professionals, where they can live, work and develop new technologies for next-generation vehicles (NxGV), EVs, and energy-efficient vehicles (EEV),” he said at the launch of the AHTV Global Investors & Vendors Convention 2023 yesterday.
He added that Malaysia is already a major electrical and electronics manufacturing hub in South-East Asia, which makes it an ideal location for automotive investors looking to secure their supply chains.
“The government is offering an attractive incentive package for investors in the AHTV, including tax exemptions for land development and the manufacturing of parts and components, as well as the establishment of research centres and educational institutions,” he said.
Tengku Zafrul said the AHTV is the only automotive cluster in Malaysia to be officially recognised as an NxGV and EEV hub.
“This means that it has the potential to become a major player in the global EV market,” he added.
Malaysia’s New Industrial Master Plan 2030, which is expected to be launched in August, will support the automotive sector’s further growth, including the promotion of NxGV, EEVs and EVs.