KUALA LUMPUR, Nov 17 — Malaysia needs to grow its own multinational companies (MNCs) in the services and manufacturing sectors, said Deputy Investment, Trade and Industry Minister Liew Chin Tong.
He said the industry has long been guided by theories that treat manufacturing and services as mutually exclusive, including the belief that economies will eventually shift toward services and move away from manufacturing.
Liew said that while the services sector is crucial, it must grow hand in hand with manufacturing to strengthen the broader economy
“Our port facilities, our port services, our airport services, our air services, our airlines, the supply chain is very much both a manufacturing activity and also a service.
“I think it is important for us to do away with the theory of separating services from manufacturing, and we want to see a lot more value-adding to increase and improve both manufacturing and services (sectors),” he said in his opening address at the Asean International Fair For Trade In Services (AIFTIS) here today.
Meanwhile, Malaysian Service Providers Confederation (MSPC) president Datuk Seri Zohari Akob said AIFTIS serves as Malaysian service providers’ annual reporting platform, providing clarity on pillars that define productivity and competitiveness.
The pillars are industry trust mark, professional mobility, capacity building, technology adoption and cyber security, as well as trade connectivity and market access.
He said these pillars are the fundamentals that guide their actions, and through collaborations, Malaysia can create the momentum to lead Asean as the hub for professional and digital services.
“The story of Malaysia’s service sector is one of resilience, innovation and shared purpose.
“AIFTIS brings these pillars together, aligning private sector initiatives with public sector leadership to create an ecosystem of trust, technology and talent,” Zohari said in his welcome address at the event today.
