More growth expected for Malaysian plastics industry
The plastics manufacturing industry in Malaysia is expected to register a 10% growth this year due to an increased demand for plastic components and products, said Datuk Seri Ong Ka Chuan.
The Deputy International Trade and Industry Minister II said that exports of plastic products increased to RM13.1bil last year from RM12.9bil in 2015.
"At the same time, imports of plastic products also recorded a climb to RM10bil last year from RM9.1bil in 2015. Investment in the industry also rose to RM1.55bil last year from RM911mil in 2015 with 46 projects approved," said Ong.
Ong was addressing participating companies during the opening ceremony of the 8th Malaysian Plastics Manufacturers Association (MPMA) International Plastics Conference organised by MPMA and the Malaysian Investment Development Authority (Mida) here Tuesday.
He added that there was still room for growth and development in the plastics industry.
"I hope that participants of this conference take the opportunity to exchange their expert opinions with each other on more research and development within the industry," sHe said that the plastics industry faces serious challenges due to the volatile prices of raw materials as well as rising environmental concerns over the disposal and sustainability of plastic products.
"I call on industry players to be more innovative in improving the quality of plastic components and products,” he said.