13 Aug '18, 2am

Asia stocks, euro extend slide as Turkish lira plunges to new low

PETALING JAYA (THE STAR/ASIA NEWS NETWORK) - Work between Malaysia and Indonesia to jointly produce the first Asean vehicle will only start when component vendors in both countries are strong and reliable, said the Malaysia Automotive Institute (MAI). "For the project to take off, both countries need to strengthen their vendors," said MAI chief executive officer Datuk Madani Sahari. "That is the fundamental part of this industry." He said 80 per cent of the components to produce the vehicle would have to be supplied by vendors in both countries. It was reported that Malaysia and Indonesia had signed a Memorandum of Agreement (MoA) to begin cooperation on the improvement of the automotive manufacturing workforce and supply chains with the aim of learning to fully produce components in the region and establish a new brand. The MoA, signed in Jakarta on Friday, charges both t...

Full article: https://www.straitstimes.com/asia/se-asia/not-enough-top-...

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