Asian machinery and equipment sector set for growth
satisfied by imports, reflecting a growing need for more Asian
manufacturers to become more active, according to a report in the
Malaysian Times.
Throughout Asia demand for machinery and equipment is still largely satisfied by imports, reflecting a growing need for more Asian manufacturers to become involved, according to a report in the Malaysian Times.
"As such, there is vast potential for the machinery and equipment manufacturing industry to cater for the domestic market," said Malaysian Deputy International Trade and Industry Minister Datuk Kerk Choo Ting. Ting was launching Industry Tradefair Malaysia 2002 and announcing the 29th Asian Packaging Federation (APF) Congress in Kuala Lumpur this week.
Both events (ITM 2002 and the APF Congress) will be held in November at the Mines International Exhibition and Conference Centre in Kuala Lumpur.Statistics for the first five months showed that imports of machinery and transport equipment in Malaysia rose more than the increase in machinery exports.
The deputy minister identified several sectors relating to the food industry with development potential, including CNC plastic injection machines, factory automation equipment and machinery component.
He said the machinery and equipment manufacturing sector has been identified by the Malaysian 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.
Such an environment is expected to trigger further growth for machinery and equipment manufacturers throughout Asia. Since the economic downturn in Asia, some five years ago, the industry has seen a steady decline throughout the region.
