Malaysia must capitalise on Asean’s manufacturing potential: Tengku Zafrul
16 Jul 2024
Malaysia must capitalise on the full potential and opportunities in Asean’s manufacturing sector and ensure that the ecosystem is well-developed to support and equip youths with the skills, resources and capacity to navigate the complexities and challenges.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said that for more than a decade, the manufacturing sector has served as the main catalyst for economic growth in many Asean countries, particularly Malaysia, where manufacturing contributed over 23% to the country’s gross domestic product (GDP) in 2023.
He said the manufacturing sector was also the largest contributor to Asean’s GDP in 2022, with a contribution of US$767 billion, or 21.2% of the total.
“With over 213 million youths aged 15-34 in the region, projected to reach a peak of 220 million by 2038, these young demographics provide Asean with an edge to move higher in the global value chain,” Tengku Zafrul said in his speech at the Asean Manufacturing Youth Conference 2024 (AMYC 2024) today.
He said with Asean currently at an inflexion point, the domestic manufacturing sector must maximise the opportunity to expand exponentially.
Meanwhile, Federation of Malaysian Manufacturers (FMM) president Tan Sri Soh Thian Lai said young entrepreneurs in the domestic manufacturing sector must collaborate and expand regionally to bring the next generation of Malaysian manufacturing to greater heights.
He advised young entrepreneurs to create strategic partnerships, engage in mergers and acquisitions, and explore Asean market opportunities to position Malaysia as a leader in the manufacturing sector.
“First, be bold. Dream big and set ambitious goals, achieved by aiming high and taking decisive actions. Believe in your ability to make a difference and take risks.
“Second, embrace innovation. As digital natives, use technology and explore how digital tools and new technologies can advance manufacturing.
“Third, create value through collaboration. Connect and develop business links through organisations like FMM. Our Youth Committee provides a platform for young business leaders to exchange updates, share experiences, and forge connections,“ Soh
He said FMM has been entrusted with the important role as the champion for mission-based Project 2.1 under the New Industrial Master Plan 2030 to create 3,000 smart factories.
“I do hope many Youth companies will come join us onboard and join us on this transformation journey,“ he said.
FMM, supported by its corporate partners Tec D Malaysia, Dell Technologies, and Microsoft, organised the inaugural AMYC 2024 with the theme Empowering Asean Youths in Manufacturing: Transformation for Sustainable Growth.
AMYC 2024 aims to foster productive engagement among stakeholders to discuss the evolving landscape of the manufacturing industry. It emphasises the significant role of youth in driving innovation and competitiveness, formulating creative strategies for talent development, and providing sustainable direction for the future through environmental, social, and governance practices.
Source: The Sun
