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NEC recognises importance of furniture industry to M'sia economy
Published 10th October 2017
10 October 2017
PUTRAJAYA: The National Export Council (NEC), at its meeting chaired by the Prime Minister Datuk Seri Najib Abdul Razak here today, recognised the importance of the furniture industry to Malaysia's economy.
The Malaysia External Trade Development Corporation (Matrade) said the NEC had agreed that the furniture industry could be further elevated through an enhancement in product innovation and creation of high-value segments, adoption of smart and sustainable manufacturing, usage of new materials and establishment of a furniture hub in the country.
"Both the government and private sector are making efforts at moving up the value chain from being an Original Equipment Manufacturer (OEM) to an Original Design Manufacturer (ODM)," it said in a statement.
In 2016, Matrade said 80% of Malaysia's furniture exports were wooden furniture, valued at RM7.6 billion.
The top three export markets representing a more than 50 % share were developed countries, notably, the United States (valued at RM2.60 billion with 35 % of export share), the European Union (RM840 million, 11 % share) and Japan (RM696 million, nine % share).
According to Matrade, the industry is expected to generate RM12 billion in revenue by 2020, with employment opportunities of around 240,000 and set to continue contributing to the nation's exports earning.
Currently, it said Malaysia was the eighth largest furniture exporter globally and aimed to be the world's seventh top furniture exporter by 2020, in line with the National Timber Industry Policy (Natip).
Read full story in The Sun Daily