Kuala Lumpur: Malaysia can use the trade agreements it has signed with other countries to boost manufacturing and boost exports, said Deputy Minister of Trade and Industry U Liew Chin Tong.
He said a strong and robust manufacturing sector, especially small and medium enterprises (SMEs), can keep the country’s economy and jobs strong.
“Manufacturing’s contribution to Malaysia’s Gross Domestic Product (GDP) has been below 25%, compared to previously above 30%,” he told reporters today at the CITYPlus Business Outlook Forum 2023. .
He said Malaysia could also create and foster more local brands and increase production of locally made products for the global market.
“We need to help the industry, especially small businesses, grow and go global,” he said.
He said SME expansion must be complemented by better technology and a quality workforce.
“Producing better local products gives us access to markets and more profits. We are cautiously optimistic about the overall economy and the SME sector in 2023,” he said. Told. – bernama
