[ad_1]
Fadillah said these challenges require the nation to increase local expertise, adopting Industry Revolution 4.0 technologies and increasing product quality and standardisation.
KUALA LUMPUR (March 7): The Malaysian furniture industry needs a production re-examination and re-invention to keep pace with constantly evolving markets and altered landscape of trade and supply chain, said Deputy Prime Minister Datuk Seri Fadillah Yusof.
Fadillah, who is also the Plantation and Commodities Minister, said these challenges require the nation to increase local expertise, adopting Industry Revolution 4.0 technologies and increasing product quality and standardisation.
“In addition, deep dives into the needs of specific markets would allow Malaysian furniture manufacturers to explore untapped demand in niche areas unfulfilled by other producers,” he said at the Export Furniture Exhibition (EFE) 2023 opening ceremony.
Fadillah said that since 1986, Malaysia has undergone rapid expansion in the furniture industry, but the pace of growth plateaued in recent years due to stagnating productivity growth and increased competition from Asian furniture powerhouses such as China and Vietnam.
“Like other countries, Malaysia was also adversely impacted by the Covid-19 pandemic and is still in the recovery phase after facing various emerging challenges,” he said.
Malaysia, he said, is an important player in the international market for tropical timber and timber products and a leading exporter of wooden furniture globally.
Wooden furniture products had contributed to an export value of RM11.14 billion in 2022.
Last year, the timber industry recorded an export value of RM25.21 billion, an increased of 10.61 per cent from RM22.74 billion in 2021.
In the National Agricommodity Policy 2030, Malaysia targeted the export value of timber and timber products at RM28 billion by 2025 and RM32.8 billion by 2030. – Bernama
[ad_2]