KUALA LUMPUR – The International Trade and Industry Ministry (Miti) is identifying new strategies to promote the electric vehicle (EV) industry in the country to increase investment and demand, said Datuk Seri Mohamed Azmin Ali (Gombak-Bersatu).
During his winding up speech in the Dewan Rakyat today, Azmin said his ministry had discussed with the Finance Ministry on the upcoming Budget 2022 dialogues, for a policy which includes an incentive package.
“The incentive package focuses on consumers (demand side) to attract investments into the EV ecosystem aside from strengthening existing incentives for manufacturers of EV vehicles and components.
“These measures are expected to encourage investment in terms of EV production or its components, infrastructure support including EV charging stations as well as increasing consumer demand for the use of electric vehicles,” he said.
Elaborating on the matter, he said strengthening the EV ecosystem is part of the National Automotive Policy 2020 to give priority to the development of the Energy Efficient Vehicle (EEV) manufacturing industry.
“Based on the increasing trend of EV usage worldwide, EV is expected to replace fossil fuel-based vehicles in line with the United Nations Sustainable Development Goals to preserve the environment and reduce carbon emissions.
“This development is in line with the government’s policy to reduce carbon emissions by the transportation sector which contributed 20% of carbon emissions in the country based on the Malaysia Third National Communication and Second Biennial Report to the United Nations Framework Convention on Climate Change,” he added.
Moving forward, he said the government will continue to adopt three main approaches to improve the nation’s economy.
“First, the National Covid-19 Immunisation Programme acts as a catalyst to reopen the economy safely and systematically. As of September 21, 93.2% of the adult population had received their single dose while 80.2% were fully vaccinated, and subsequently achieved the set herd immunity target. This development is the best platform in stimulating domestic demand.
“Secondly, the government will also continue to strengthen the country’s economic fundamentals through the implementation of open, transparent and business-friendly trade and investment policies. This includes the ongoing efforts by the government to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership.
“And thirdly, Malaysia will continue to target high quality investment, which are advanced technology-orientated, and based on national investment aspirations that focuses on long-term sustainability, with emphasis on environment, social and governance elements.” – The Vibes, September 22, 2021