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    HomeNewsMalaysiaAnwar-Musk meeting will have spillover effect on Malaysia's EV journey, says economist

    Anwar-Musk meeting will have spillover effect on Malaysia's EV journey, says economist

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    KUALA LUMPUR: The highly anticipated meeting between Elon Musk, the founder and CEO of Tesla Inc, and Prime Minister Datuk Seri Anwar Ibrahim is expected to have a significant impact on Malaysia’s journey towards becoming a regional hub for electric vehicles (EV), according to economist Dr Yeah Kim Leng from Sunway University. The fruitful discussion between the global EV giant and the Malaysian leader, scheduled to take place this week, is likely to result in further commitments that will benefit the Malaysian economy as a whole. This news comes as Anwar prepares to meet with Musk to discuss potential additional investments in Malaysia.

    Regardless of the specifics of the investment Tesla plans to bring to Malaysia, Dr Yeah emphasized that any commitment arising from the meeting will be a major boost to the country’s EV industry. He stated, “Iconic investments typically have larger spillover effects through enhancing, strengthening local and foreign investor confidence as well as crowding in investments. This could open up more opportunities for suppliers, service providers, parts, and components manufacturers to actively engage with the EV industry.” This development holds great potential for Malaysia’s overall economic growth.

    Last Friday, Anwar, who also serves as the finance minister, announced his intention to engage with Musk in order to explore ways to further Tesla’s investments in Malaysia. Dr Yeah believes that this meeting will have positive implications as it aligns with the government’s economic direction towards high-impact, high-value foreign direct investment (FDI) and clean energy approaches. He added, “Malaysia’s FDI numbers will continue to rise if Musk or any of his frontier projects find a foothold in the country.”

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    Additionally, Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz reaffirmed that the potential collaboration between Malaysia and Tesla extends to sectors beyond electric vehicles. The government aims to attract more investment commitments in the automotive sector and other marketable sectors within Malaysia. This shows the government’s commitment to diversifying its economic activities.

    Tesla, the renowned EV designer and manufacturer based in Austin, Texas, will officially debut in Malaysia on July 20. This marks an exciting turning point as owners of Tesla vehicles will no longer have to rely on Singapore and Hong Kong for servicing and major repairs.

    In the meantime, Azrul Reza Aziz, CEO of the Malaysia Automotive, Robotics, and IoT Institute (MARii), expressed confidence in the future collaboration between Malaysia and Tesla. He believes that the meeting between Anwar and Musk will pave the way for fruitful cooperation. Azrul Reza Aziz stated, “We are thrilled about the possibilities that lie ahead as a result of this meeting. The potential for Tesla to increase its investments in Malaysia will contribute to our nation’s economic growth and enable the development of a sustainable and environmentally friendly mobility ecosystem.”



    Credit: The Star : News Feed

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