KUALA LUMPUR: Malaysia should capitalise on the total potential and alternatives in Asean’s manufacturing sector and make sure that the ecosystem is well-developed to assist and equip youths with the abilities, assets and capability to navigate the complexities and challenges.
Funding, Commerce and Business Minister Tengku Datuk Seri Zafrul Abdul Aziz mentioned that for greater than a decade, the manufacturing sector has served as the primary catalyst for financial progress in lots of Asean nations, significantly Malaysia, the place manufacturing contributed over 23% to the nation’s gross home product (GDP) in 2023.
He mentioned the manufacturing sector was additionally the most important contributor to Asean’s GDP in 2022, with a contribution of US$767 billion, or 21.2% of the whole.
“With over 213 million youths aged 15-34 within the area, projected to succeed in a peak of 220 million by 2038, these younger demographics present Asean with an edge to maneuver increased within the international worth chain,” Tengku Zafrul mentioned in his speech on the Asean Manufacturing Youth Convention 2024 (AMYC 2024) immediately.
He mentioned with Asean at the moment at an inflexion level, the home manufacturing sector should maximise the chance to develop exponentially.
In the meantime, Federation of Malaysian Producers (FMM) president Tan Sri Soh Thian Lai mentioned younger entrepreneurs within the home manufacturing sector should collaborate and develop regionally to deliver the following technology of Malaysian manufacturing to larger heights.
He suggested younger entrepreneurs to create strategic partnerships, interact in mergers and acquisitions, and discover Asean market alternatives to place Malaysia as a pacesetter within the manufacturing sector.
“First, be daring. Dream massive and set formidable objectives, achieved by aiming excessive and taking decisive actions. Imagine in your potential to make a distinction and take dangers.
“Second, embrace innovation. As digital natives, use know-how and discover how digital instruments and new applied sciences can advance manufacturing.
“Third, create worth via collaboration. Join and develop enterprise hyperlinks via organisations like FMM. Our Youth Committee gives a platform for younger enterprise leaders to trade updates, share experiences, and forge connections,“ Soh
He mentioned FMM has been entrusted with the vital function because the champion for mission-based Undertaking 2.1 beneath the New Industrial Grasp Plan 2030 to create 3,000 sensible factories.
“I do hope many Youth corporations will come be part of us onboard and be part of us on this transformation journey,“ he mentioned.
FMM, supported by its company companions Tec D Malaysia, Dell Applied sciences, and Microsoft, organised the inaugural AMYC 2024 with the theme Empowering Asean Youths in Manufacturing: Transformation for Sustainable Progress.
AMYC 2024 goals to foster productive engagement amongst stakeholders to debate the evolving panorama of the manufacturing trade. It emphasises the numerous function of youth in driving innovation and competitiveness, formulating inventive methods for expertise growth, and offering sustainable route for the longer term via environmental, social, and governance practices.