Govt Encourages Local Companies To Formulate Long-Term Strategies, Reduce Imports -- Johari
KUALA LUMPUR, Oct 23 (Bernama) -- The government encourages local companies to formulate long-term strategies to grow the country’s economy without increasing imports, said Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani.
He said this is to ensure more local firms, especially those with the potential to play an important role in the effort, can benefit from economic growth.
“Let us say an investor wants to develop a product, but needs 10 types of materials or components (from abroad), but if a (local) company can produce those components, then we will reduce imports (from that company).
“So over time, as our economy expanded, we are also able to reduce imports,” he told reporters after the Industry’s Excellence Award Ceremony 2026 (AKI) here today.
In his speech, Johari also said the government wants Malaysian industry to shift to designing, engineering, and producing high-tech, value-added products, becoming a trusted supplier to multinational companies and global industry leaders.
He said the government also wants more local companies to develop their own technology, strengthen research and development (R&D) capabilities, build strong brands, and dominate the export market.
“We need to focus on R&D activities to develop products and components required by foreign investors, so that they can be developed and manufactured by local companies,” he said.
Prime Minister Datuk Seri Anwar Ibrahim officiated AKI 2026, which was also attended by MITI Deputy Minister Sim Tze Tzin.
Since 1991, AKI has served as a recognition platform that appreciates local companies' achievements in competitiveness, innovation, and business resilience at the global level.
UMW Aerospace Sdn Bhd clinched the Prime Minister’s Award and the Manufacturing Sector Excellence Award (Category 3).
In addition to the main award, 14 award categories were featured, namely the Manufacturing Sector, Services Sector, Open Category, Most Promising Company Category, Industry4WRD Excellence Award, and the Environmental, Social, and Governance (ESG) Excellence Award.
-- BERNAMA