Mustapa: Electrical and electronics exports to hit RM300 billion this year

KULIM: International Trade and Industry (MITI) minister Datuk Seri Mustapa Mohamed is confident that the exports of electrical and electronics (E&E) products will achieve RM300 billion by the end of this year.
Mustapa said in his speech, from January to August this year the E&E exports had amounted to RM220.56 billion, representing a 21.4% growth compared with the same period in 2016.
"The E&E sector has shown an upward trend in exports for the past three years that makes it the only industry that recorded a trade surplus for three consecutive years," he said during the opening ceremony of OSRAM Opto Semiconductors' Kulim plant here today.
Mustapa highlighted that the Malaysian Investment Development Authority (MIDA) approved a total of 107 E&E projects with investments of RM9.24 billion last year.
For the first half of this year, the approved investments in the E&E industry have recorded a total of RM5.8 billion, which is already 62.8% of the total approved investments last year.
"The E&E industry in Malaysia offers good prospects for investors as the country is now the world's seventh largest exporter of the E&E products with a total export of RM287.7 billion last year," said Mustapa.
Also present were Osram Licht AG CEO Dr. Olaf Berlien and Osram Opto Semiconductors CEO Aldo Kamper.
Earlier at the opening ceremony, Mustapa said Malaysia and Osram have had a long-standing partnership that dates back to the 1970's when Osram first commenced its operations in the country.
He added that the company has invested a total of RM3 billion as at 2015, and is one of the largest employers in the northern region. It employs more than 5,600 Malaysians.
"The company's total investment as at Oct this year is RM4.2 billion and will offer a total of 7,790 job opportunities by 2022, whereby 73% jobs are for the locals here," he said.
Osram had in November 2015 announced to build a new LED chip factory in Kulim and to have it up and running by the end of this year.
It had completed the first phase of the plant and will plan for the second phase in 2018.
The Kulim plant will produce general lighting such as public street lighting, facade lighting private and commercial interior and exterior lighting or billboards.