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| Peugeot vehicles sold in Malaysia are manufactured at Naza Automotive Manufacturing in Gurun, Kedah. |
What
is meant by the manufacturing sector? Manufacturing is a wealth-producing
sector of an economy, whereas a service sector tends to be wealth-consuming
according to some economists. In addition,
manufacturing sector is closely connected with engineering and industrial
design which manufacturing has a large influence in the country’s economy. As
we know, Malaysia today is middle income with a multi sector economy based on
services and manufacturing. The competition to be a leader in the high-value
added manufacturing sector will become a bigger challenge in the years ahead with
many rapidly growing and developing economies emerging in different parts of
the world.
Recently,
manufacturing industries in Malaysia grow very rapidly if compared to previous
decades. With the rapidly grow of manufacturing industries, the government has
to play its role in order to ensure every aspect of current trading policies
and regulatory to be obeyed. Manufacturing contributes much to the progress of
our economy. According to the public lecture by Professor Ha-Joon Chang
recently, he stated that the motion that an economy cannot succeed without a
big manufacturing base. At the same time, he has persuasively argued that the
manufacturing sector should still be the key engine of economic growth,
providing a number of reasons as to why it is fallacious to think that the services
sector should or can be the main driver of economic growth in economies at
Malaysia’s stage of development.
