The Ministry of International Trade and Industry (MITI) and the East Coast Economic Region Development Council (ECERDC) are looking to capitalize on the potential of the growing recreational vehicle (RV) industry to boost the region, and subsequently the Malaysian economy.
MITI deputy secretary-general Datuk Sri Norazman Ayob mentioned his ministry is working closely with the Malaysian Investment Development Authority (MIDA) and ECERDC to attract high-quality investments such as that of the RV industry into Malaysia. While exact figures have not been divulged, the RV industry’s multi-tiered expansion is said to have the potential to bring in billions in terms of investments, and MITI is looking forward to welcoming and facilitating more investments to grow the RV industry on the East Coast Economic Region (ECER) and across the country.
Malaysia, which has FTAs with China, Japan, Korea, India, Australia, and New Zealand, has a huge potential to become a caravan hub for the Asia Pacific region. The RV industry is still in its infancy in Malaysia compared to Australia, where the industry is estimated to be worth USD 11 billion for a country with 26 million people.
(Source: New Straits Times)