Automotive Industry’s Growth Continues as National Automotive Policy Enters Fifth Year
- Automotive Industry’s Growth Continues as National Automotive Policy Enters Fifth Year
- Palm Oil Exports to the EU Likely to Fall Amid Ban Issue
- Coway Malaysia Targets One Million Customers by end 2018
- Bollywood Icon Kajol to have her world-first figure at Madame Tussauds Singapore
- China economy rebounds in 2017 with 6.9% growth
Malaysia’s automotive industry demonstrated continuous holistic growth going into 2018, as the nation takes a detailed look at NAP2014’s fourth annual report card since the policy was announced in 2014. Minister of International Trade and Industry, Dato’ Sri Mustapa Mohamad said Energy Efficient Vehicle (EEV) penetration increased for its fourth straight year, reaching 52 percent of vehicles sold in Malaysia in 2017. This figure surpassed the 50 percent target of EEV penetration set by the government last year. EEV production also increased from 247,912 to 308,807 in 2016 and 2017 respectively. “This continuous growth is a signal of growing awareness for EEVs within the Malaysian automotive sphere. The acceptance and awareness of energy efficiency is not a function for a single ministry, but signals the support and participation of all government institutions, automotive OEMs and vendors, as well as the public at large”, said Dato’ Sri Mustapa Mohamad. Exports of automotive parts and components also is expected to see an increase in 2017, as the industry recorded total export value of RM9.3 billion as at October 2017. The Malaysia Automotive Institute (MAI) expects this figure to surpass the RM12 billion mark for 2017, higher that 2016 value of RM11.2 billion. In 2018, RM 12.5 billion is targeted for the exports of parts and components.
Dato’ Sri Mustapa said that the vastness of the industry requires a holistic outlook, as high value employment and business opportunities create significant impacts for Malaysians, which are often overlooked in favour of singular indexes, such as sales and production values. RM3.99 billion in investments commitment was pledged by the industry between 2018 to 2022. Since the NAP2014 was announced, 27,125 new jobs were created, a 4.93 percent increase from the 25,850 recorded in 2016. 31 percent of the jobs created thus far comprise skilled and highly skilled employment.
Palm Oil Exports to the EU Likely to Fall Amid Ban Issue
Palm oil exports to the European Union (EU) is expected to continue declining on a gradual basis, albeit the proposed ban of palm oil usage in the biofuel mix by the political and economic bloc will only be realised in 2021. Director-General of the Malaysian Palm Oil Board (MPOB), Datuk Dr Ahmad Kushairi Din said palm oil exports to the EU had already decreased by 3.3 per cent to two million tonnes in 2017 from the year before. “However, demand from India and China remained intact as they are our top two palm oil export destinations.
Coway Malaysia Targets One Million Customers by end 2018
Coway Malaysia targets to reach 1 million customers by the end of 2018, while ambitiously expanding Coway’s footprints to other SEA countries, with Malaysia as the main hub and leader. A leading water and air purifier brand in Malaysia, after 11 years of successful growth of 30,000% in their sales units – Coway has penetrated the local market from 100 sales per month in 2006, to 1000 sales per month in 2007 and now 1000 sales in a day.
Bollywood Icon Kajol to have her world-first figure at Madame Tussauds Singapore
Bollywood superstar Kajol will make her grand entrance at the IIFA Awards Experience in Madame Tussauds Singapore this year. Kajol is one of India’s most successful and highest paid actresses in the 90s and is known for her great work in Hindi cinema. She will be the 7th Bollywood star to join the interactive awards zone in Madame Tussauds Singapore.
China economy rebounds in 2017 with 6.9% growth
China’s economy grew 6.9 per cent in 2017, picking up steam for the first time since 2010 despite its battles against a massive debt and polluting factories. Official data showed the world’s number two economy eclipsed the official target of about 6.5 per cent and picked up pace from the 6.7 per cent growth seen in 2016, which was the slowest for more than a quarter of a century. The robust economic expansion indicated stability after slowing down since China last posted double-digit growth in 2010. “The national economy has maintained the momentum of stable and sound development and exceeded the expectation with the economic vitality, impetus and potential released,” National Statistics Bureau head Ning Jizhe said in a report. “We should also be aware that there are still difficulties and challenges confronting the economy and the improvement of quality and efficiency remains a daunting task,” Ning said.