Malaysia eyes to become global medtech hub

Malaysia is on track to become a global medical technology (medtech) hub with its strong policies in attracting and executing the right investments, including the New Industrial Master Plan 2030 (NIMP 2030), said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Speaking at the International Medical Device Exhibition and Conference, the minister said that the Malaysian Government will continue with the industrial reforms to ensure the resilience and sustainability of the country's medtech growth.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz. (Photo: thestar.com.my)
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.
(Photo: thestar.com.my)

According to NIMP 2030, Malaysia targets to strengthening its position as a medtech hub with the aims of safeguarding lives, contributing to ASEAN’s growth, as well as supporting the global health and wellness sector.

Minister Abdul Aziz emphasised that medtech plays an important role in enhancing healthcare delivery, improving patient outcomes, and driving economic development, and therefore, medtech is clearly an industry that transcends borders in addressing global health challenges.

The global medical devices market size was valued at more than 518 billion USD in 2023, and it is projected to grow from 542 billion USD in 2024 to almost 887 billion USD by 2032.

The official also pointed out that Malaysia’s medtech industry is well-supported by the right policies to grow sustainably through NIMP 2030.

In the coming time, Malaysia will study and develop policies to encourage industries to embrace Industry 4.0 technologies such as artificial intelligence, the Internet of Things, and robotics to drive economic complexity, efficiency and value-added growth.

Industries also need to foster more strategic partnerships, in which global medtech companies collaborate with domestic industry leaders to strengthen the local ecosystem and help Malaysian companies access global supply chains, he noted.

He added that Malaysia now has over 200 medical manufacturers, who collectively generated 6.37 billion USD in exports of medical devices in 2023. Thirty of those companies are multinational companies that have made Malaysia their manufacturing base, including renowned brands such as Abbott and B-Braun.

From January to September this year, Malaysia’s export of medical devices was valued at 6.15 billion USD, up 30% year-on-year./.

World

Indonesia seeks new markets for palm oil
World

Indonesia seeks new markets for palm oil

Indonesia is the world's biggest producer of the edible oil used in making foods such as cakes, chocolate, and margarine as well as cosmetics, soap and shampoo, accounting for more than half of the global supply.

Thailand optimistic about tourism and spending during Songkran festival
World

Thailand optimistic about tourism and spending during Songkran festival

Deputy government spokesman Anukul Prueksanusak has cited findings from a recent consumer behaviour survey conducted by the University of the Thai Chamber of Commerce, which said spending during Songkran is projected to increase by 4.5% to 134 billion THB (3.8 billion USD), up from last year’s 129 billion THB

Thailand to negotiate with US on tariffs
World

Thailand to negotiate with US on tariffs

Thailand is on the list of 15 countries that could be affected by Trump’s tariff policy. The average US tariff on Thai imports is 2% while Thailand levies an average tariff of 8% on US products

Thailand revises tourism strategy after earthquake
World

Thailand revises tourism strategy after earthquake

Minister of Tourism and Sports Sorawong Thienthong said that a tourism risk and crisis management team will be established to support the industry, with representatives from organisations in the tourism supply chain, such as the Ministry of Home Affairs and the Roads Authority.

Belgian monarchs' state visit to open new chapter in bilateral cooperation
World

Belgian monarchs' state visit to open new chapter in bilateral cooperation

As a major player in the region and one of the most dynamic economies in Asia, Vietnam is an indispensable partner for Belgium. The meetings with the various Vietnamese authorities will therefore offer an excellent opportunity to further deepen and enrich this diverse partnership, according the Belgian Federal Public Service of Foreign Affairs, Foreign Trade and Development Cooperation.

Indonesia rolls out people's schools initiative
World

Indonesia rolls out people's schools initiative

Indonesia's Ministry of Social Affairs has identified over 200 potential sites for the establishment of people’s schools (Sekolah Rakyat), a programme designed to provide free, quality education to children from economically disadvantaged families.