KUALA LUMPUR, March 4 – Datuk Seri Tengku Zafrul Abdul Aziz, the Minister of Investment, Trade, and Industry, has urged electric vehicle (EV) auto makers operating in Malaysia to consider establishing their hubs in the country to serve the rapidly expanding EV market in ASEAN. With the ASEAN EV market projected to grow at a compound annual rate of 33% from 2021 to 2027, reaching around US$2.7 billion, Malaysia offers favorable conditions for multinational corporations aiming to expand their regional presence.
Minister Tengku Zafrul highlighted Malaysia’s strategic location, robust infrastructure, and established electrical and electronics industry as key factors contributing to its attractiveness as a regional hub. He emphasized the government’s commitment to supporting the automotive industry’s transition to zero-emission vehicles through initiatives outlined in the National Automotive Policy (NAP) 2020, which includes investment incentives for the assembly and manufacture of hybrid and EVs. Additionally, collaboration with global industry leaders is encouraged to drive research and development efforts and cultivate skilled local talent to support the industry’s growth.
