KUALA LUMPUR, Feb 15 (NNN-BERNAMA) – Malaysia will strengthen its drive towards expanding the electric vehicle (EV) sector in the country, with new policies and a focus on developing the ecosystem, a Malaysian official said, yesterday.
The country is also seriously looking into policies that will support energy sectors, to ensure that the EV ecosystem is fully supported, including standards and certification related to charging systems and battery disposal activities, International Trade and Industry Minister, Tengku Zafrul Tengku Abdul Aziz said, in his address at Malaysia’s EV Conference 2023.
Zafrul said, EVs would help push Malaysia towards its sustainability and green technology goals, and Malaysia will benefit from the projected strong growth of the sector.
“EVs are the intuitive solution for low carbon mobility and zero-emission vehicles. Furthermore, the nascent global EV industry provides significant room for growth, particularly in Southeast Asia, which has plenty of potential, as both a manufacturing hub and market for EVs,” he said.
“The ASEAN EV market was worth nearly 500 million U.S. dollars in 2021, and is forecast to grow to 2.7 billion U.S. dollars by 2027, with a compound annual growth rate of almost 33 percent (32.73 percent) for the period 2022-2027,” he said.
He added that, Malaysia has an established EV ecosystem, backed by solid research and development and standards facilities, as well as, an established components’ sub-sector that could service the whole EV value chain, comprising semiconductors, sensors, automotive electronics, transceivers, batteries and auto assembly.
With the theme “Gearing Up for EV Revolution: The Malaysia Story,” the conference highlights Malaysia’s plans and progress towards a more sustainable and environmentally-friendly future, with over 300 attendees from various companies and government agencies participating.
Malaysia pledged to become a nation with net-zero greenhouse gas emissions by 2050, as outlined in the 12th Malaysia Plan, and the government is committed to achieving the target of 15 percent of the total industry volume for EVs and hybrids by 2030.– NNN-BERNAMA