Budget Measures Will Help Autoparts Manufacturers Boost Exports: MAI

By Azizul Ahmad KUALA LUMPUR, Oct 25 (Bernama) -- The measures announced in Budget 2017 is timely as it will assist local automotive component manufacturers to initiate their export readiness programmes, said Malaysian Automotive Institute (MAI) Chief Executive Officer, Madani Sahari. He said the agencies under the Ministry of International Trade and Industry (MITI) -- Malaysia External Trade Development Corporation (MATRADE), Malaysian Investment Development Authority (MIDA) and SME Corp Malaysia, would offer US$31.15 million (RM130 million) worth of export promotion programmes under the budget. "The 2017 budget has taken the direction of strengthening the fundamentals of the economy, with strong focus on the development of skilled talent, as well as, small and medium enterprises (SMEs). "A significant allocation has been announced to make 2017 as the 'Startup and SME Promotion' year," he told Bernama. He said businesses, in particular SMEs, would benefit the most from next year's budget through allocations for entrepreneurship, export enhancement and the digital economy. Madani also said the RM4.6 billion allocation for Technical Vocational Education and Training (TVET) institutions in Budget 2017 would eventually benefit the local automotive industry. "The allocation for TVET is a good move to strengthen skills based education, essential in enhancing the talent needed within Malaysia's techno-centric industries, in which the automotive industry is a beneficiary of," he said. On MAI's initiatives, he said the institute would implement the Automotive Industry Development Programme next year, which aims to create 5,800 new job opportunities, 190 new businesses, enhance 1,440 existing companies and further develop 5,950 careers within the industry. "The programme will push the industry closer to its target of making Malaysia a regional hub for 'Energy Efficient Vehicles' by 2020," he added. (US$1 = RM4.17) -- BERNAMA