Cover Story

Vast potential for machinery and equipment industry

INSIGHT

Kuala Lumpur, Malaysia

DOMESTIC demand for machinery and equipment is still largely satisfied by imports, Deputy International Trade and Industry Minister Datuk Kerk Choo Ting said.

"As such, there is vast potential for machinery and equipment manufacturing industy to cater for the domestic market," he said when launching Industry Tradefair Malaysia 2002 (ITM 2002) and announcing the 29th Asian Packaging Federation (APF) Congress, in Kuala Lumpur yesterday.

Kerk represented Datuk Seri Rafidah Aziz at the launching ceremony.

Both events (ITM 2002 and the APF Congress) will be held in November at the Mines International Exhibition and Conference Centre in Seri Kembangan, Selangor.

Statistics for the first five months showed that imports of machinery and transport equipment rose more than the increase in machinery exports.

Between January and May this year, imports increased by 3.43 per cent to RM76.1 billion from the same period in 2001, while exports rose only 1.56 per cent to RM86.9 period during the corresponding period.

The machinery and equipment industry produces various industrial machinery and equipment such as mechanical and hydraulic presses, industrial boilers, air-conditioning and refrigeration equipment, as well as lifts, elevators, conveyors and cranes.

The deputy minister identified several sectors within the industry with development potential such as computer numeric control (CNC), machine tools, CNC plastic injection machines, factory automation equipment and machinery component.

He said the machinery and equipment manufacturing sector has been identified by the Government as one of the key areas for growth and development, where special incentives in Budget 2002 have been introduced for companies which manufacture a range of higher value- added and technology machinery and equipment.

"World trade is expected to rebound by mid-2002, following gradual improvement in global business sentiment.

"This offers tremendous opportunities for Malaysian manufacturers," he said.

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Source: Business Times - Kuala Lumpur

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