KUALA LUMPUR, July 16 (Bernama) -- Young business leaders and entrepreneurs are pivotal in shaping the future of Malaysia’s manufacturing industry, according to the Federation of Malaysian Manufacturers (FMM) president Tan Sri Soh Thian Lai.
He said that young business owners’ participation would enable the manufacturing sector to achieve its former level of contribution to the country’s gross domestic product (GDP), which was close to 30 per cent many years ago.
“Today, we (stand at) about 23 per cent to 24 per cent (GDP contribution level), and we hope to move up to 30 per cent with your innovativeness,” he said at the ASEAN Manufacturing Youth Conference 2024 (AMYC 2024) today.
He stated that today’s young leaders are crucial change-makers for tomorrow’s manufacturing industry, as their vision would ensure the sector’s resilience and readiness.
Soh also hoped that the new generation could churn out innovative ideas to make the Malaysian manufacturing industry great again.
Additionally, he noted that FMM was misperceived as an organisation for bigger and more established companies.
In fact, small and medium enterprises comprise 75 per cent of FMM membership, he said.
“We also have micro (enterprise) members. Moreover, we have 195 young companies (as members as of June 2024),” he highlighted.
He said this was due to new incentives introduced by FMM in January 2023 to attract more youth to join the association.
Soh also urged young business owners to be bold, ready to embrace innovation and create value through collaboration to support the growth of domestic industries and, ultimately, build adaptability amidst global challenges.
Meanwhile, at the same conference, former Deputy International Trade and Industry Minister Ong Kian Ming said that focusing on addressing sustainability challenges is important to spark the interest of the younger generation in the manufacturing sector.
Malaysia could also build stronger Southeast Asian brands through strategic marketing and positioning via our younger, social-media-savvy population, he added.
-- BERNAMA
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