‘E&E sector key for local firms’ inclusion in global supply chain’
KUALA LUMPUR: The National Export Council (NEC) has identified the electrical and electronics (E&E) segment as the key sector to promote the inclusion of Malaysian companies in the global supply chain.
Malaysia External Trade Development Corp (Matrade) said this was due to its significance in developing new industries driven by knowledge, high-technology and value-added factors.
“The E&E multinational companies in Malaysia have been identified as a catalyst to develop local small and medium enterprises into high-value corporations,” said Matrade in a statement after the NEC meeting chaired by Prime Minister Datuk Seri Najib Razak, here, yesterday.
Matrade said the meeting found that by boosting the performance of the E&E sector, more market leaders from Malaysia would be developed, increasing the participation of local companies in the global supply chain, particularly in emerging segments.
“Among the segments are systems integration, cloud computing, advanced energy storage, wireless electronics, electric vehicles, Internet of Things, augmented reality and big data,” it said.
Matrade said the E&E sector contributed 44.6 per cent to the country’s total manufacturing exports last year.
It also contributed 23.4 per cent to the country’s gross domestic product last year and created more than 780,000 jobs.
The NEC meeting also emphasised on the strategies to promote the usage of local content in key local development projects, said the national trade promotion agency.
“The government, through its agencies such as Malaysian Investment Development Authority, Construction Industry Development Board and Matrade will facilitate the matching of local suppliers with developers through industry collaboration programmes,” it said
The meeting also discussed strategies to improve the services trade balance through the tourism industry and ongoing initiatives to improve agrofood trade balance, Matrade added. Bernama
The electrical and electronics sector contributed 44.6 and 23.4 per cent to Malaysia’s total manufacturing exports and gross domestic product, respectively, last year.