KUALA LUMPUR - The fashion, textile and lifestyle industry plays a critical role in contributing significantly to Malaysia’s economy, says International Trade and Industry Ministry deputy secretary-general Datuk Bahria Mohd Tamil.
This dynamic sector generates substantial revenue and provides substantial employment opportunities.
"The government remains unwavering in its commitment to bolstering the growth of this industry, with a particular focus on the implementation of the New Industrial Master Plan 2023 (NIMP2023).
"In the second quarter of 2023, Malaysia secured investments amounting to RM132.6 billion, a testament to its attractiveness for investors.
"These investments have created more than 51,000 job opportunities, underlining the positive economic impact.
"Breaking down the figures, domestic direct investment (DDI) accounted for an impressive 52.2 per cent of the total, with foreign direct investment (FDI) making up a substantial 47.8 per cent of the investments”, she said.
Bahria also highlighted several proactive policies that have been introduced to bolster the industry further.
These encompass tax incentives to encourage investment, comprehensive programmes for skills development, initiatives promoting Malaysian fashion, textiles, and lifestyle products abroad, and substantial support for innovation and collaboration within the sector.
"We actively endorse the production of high-value goods, the modernisation of industry practices, investment in research, and the expansion of e-commerce opportunities,” she added.
Bahria was speaking at the KLFW Fashion Connect Point 23 networking event for fashion industry players.
The event is poised to be a platform for exploring fresh prospects, keeping abreast of evolving industry trends, and making valuable connections.