MAI: Budget boon for automotive

KUALA LUMPUR: Budget 2018 is set to boost the nation’s automotive sector via direct and indirect positive impact on various parties involved in the sector, said the Malaysian Automotive Institute (MAI).

Chief executive officer Datuk Madani Sahari said: “The budget provides a special approach in preparing Malaysia’s growth in accordance with the Industry 4.0. Manufacturers of vehicle component (vendors) can shift into higher gear, resulting from the RM245mil allocation set aside under the budget to upgrade smart manufacturing facilities,” he told Bernama.

Madani said that the focus given to technical and vocational education training would pave the way for new career opportunities and career enhancement for those joining the automotive industry with the necessary skills.

“The automotive industry needs many employees who are highly-skilled in every aspect, be it manufacturing or after-sales,” he said, adding that the first thrust of invigorating investment, trade, and industries would stimulate more inclusive investment and business.

The allocation of RM1.25bil to increase exports would spur the rate of exports for component manufacturers.

“More interestingly, the allocation for micro financing, presented in the budget will hopefully be an incentive to small and medium enterprises to be involved in the automotive sector,” he said. — Bernama