Yeah said as an emerging industry, EV will spur investment and business opportunities in the entire production and supply chain. – SUNPIC
Yeah said the growth of EV will accelerate the country’s electrification, decarbonisation and transition to clean energy. The oil and gas industry, including petroleum refining, accounted for 11.1% of gross domestic product in 2015. Its share declined to 8.9% in 2020 and eased further to 8.5% last year, he said.
Yeah said the oil and gas industry contributes to Malaysia’s diversified economy since services and manufacturing are the two mainstays. “The removal of fossil fuel subsidies and the provision of fiscal and financial incentives and support, especially in expanding charging infrastructure, are also factors that will accelerate EV adoption.”