Malaysia must increase the export of auto parts if it wants to become an ASEAN automotive hub, according to Malaysia Automotive, Robotics and IoT Institute (MARii).
Malaysia’s supply chain costs are reportedly 30% higher than China’s and 10% costlier than Thailand’s. (Photo: freemalaysiatoday.com)
Kuala Lumpur (VNA)꧃ - Malaysia must increase the export of auto parts if it wants to become an ASEAN automotive hub, according to Malaysia Automotive, Robotics and IoT Institute (MARii).
MARii CEO Azrul Reza Aziz said Malaysian automobile companies must significantly increase exports to achieve economic scale and enable auto parts to be sold at more competitive prices.
He said increased sales could reduce production costs and component prices to increase competitiveness against regional and neighbouring countries where auto parts are cheaper due to high sales volumes.
Car manufacturers, auto industry researchers, and economists believe that these efforts are crucial to establishing Malaysia as a regional automotive hub in ASEAN and taking advantage of the region’s nearly 700-million-consumer base.
He urged original equipment manufacturers (OEMs) to not only export cars but also parts and components, thereby enhancing the overall competitiveness of the Malaysian automotive industry./.
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