Manufacturing surge to support economy growth
Local industries play a vital role in Malaysia's economy and for this reason, Malaysia government along with others trade associations are trying to promote 20 to 30 percent of Small and Medium-Scale Industries (SMIs) in Malaysia to penetrate into globalisation and world trade market (The Star, June 2004).
The International Trade and Industry Ministry (MITI) planned to strengthen the Small and Medium-Scale Industries (SMIs) sector in Malaysia to make it the main driving force of economic growth as well as view a suitable strategy to ensure product competitiveness in the international market.
As matter of fact, manufacturing remains the strongest sector that steer Malaysia economy growth. According to The Star newspaper, Malaysia's manufacturing sector recorded total sales of RM125.4bil for the first four months of year 2004, up 16.2% from RM107.9bil in the same period last year.
Malaysia is an emerging multi-sector country with strong growth that exclusively driven by export orientated manufacturing sector, particularly electrical and electronics. However, the global economic slowdown in 2001-02, ever since the threat of terrorism and the outbreak of SARS in the region has hard hit the Malaysian economy (Source: CIA The World Fact Book - May 2004; Austrade - 2004).
Nevertheless, the Malaysian economy began to rebound in the second half of 2003. This recovery is being fuelled by increased demand and higher prices of Malaysia' key export industries especially palm oil, petroleum, electrical and electronics exports to major trading partners, such as the USA, Japan, Singapore, and China. The industrial production index grew by 11.7 percent year on year in November 2003, while domestic orientated industries grew more moderately (Source: Bank Negara, Central Bank of Malaysia - Third Quarter 2003 Report).
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