MITI is gunning for RM20bln EV investment by 2025

MITI aims to attract more EV investment and wants to see it rise to RM40 billion by 2030.

Under the watchful eye of Tengku Datuk Seri Zafrul Tengku Abdul Aziz, the Ministry of International Trade and Industry (MITI) aims to attract RM20 billion in investments surrounding electric vehicles by 2025.

The Minister of International Trade and Ministry also said that they are hoping for the investment to rise to RM40 billion by 2030, doubling up on the initial target.

As quoted in the Sun, the minister said they must approach electric vehicles holistically, which will involve things such as EV software, equipment, engineering and others.

"We need to look at the EV ecosystem and the supply chain as a whole and we will also discuss efforts to further strengthen the EV industry through further discussions with the task force," he said, as reported in the Sun.

Tengku Zafrul said this at the memorandum of agreement (MoA) signing ceremony between Artroniq Bhd and United States (US)-based Beno Inc recently.

Under the agreement, Artroniq has full installation rights for a range of electric bicycle products under the Reevo brand for a period of two years.The deal can potentialy be worth more than RM100 million by 2025 and will create more than 100 new job opportunities for Malaysians.

Artroniq chief executive officer Kent Liaw Way Gian said over 95% of the electric bicycles produced by Beno were exported to the US and Europe, and if we want to attract more investment for the green sector, we need more deals like this to occur.

If we were to depend on Malaysians who are quite frankly spoilt by fuel subsidies, it'd be hard for us to get the electric vehicle sector off the ground, let alone see it grow.