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TED Case Studies |
Malaysian Proton and AFTA: threat or advantage?
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Case Background |
I. Identification
1. The Issue
The case study focuses on the Malaysian automotive industry and the possible disadvantages and advantages that may be caused by the introduction of the Asian Free Trade Area (AFTA). The disadvantages can include loses incurred by the alleviation of protectionist measures, reduction in the overall output, and can have a negative affect on employment. On the other hand, it may open greater opportunities for the automotive industry through the regional cooperation and allow the mentioned industry to penetrate global markets. In order to do this, the goals for automotive industry are as how to improve the quality, become cost competitive, maintain dominance on the domestic market and become competitive in the international market.
2. Description
Malaysia is a member of the Association of South East Asian Nations (ASEAN) and represents one of the biggest automobile markets in the region. Before the beginning of the economic crisis in 1997, Thailand was the largest automotive market within the ten-nation ASEAN, followed by Indonesia, Malaysia, and then the Philippines. But the situation has changed in 1997 and 1998, where Malaysia became the largest vehicle market, followed by Thailand, the Philippines and Indonesia. The automotive sector in Malaysia is assumed to be an engine of industrial development, provider of technological capability, and generator of inter-industry linkages (plastics, still, electronics, glass, metal, rubber, textile industry).
The history of Malaysian automotive industry goes back to early 1960s, where Malaysian government developed a policy to promote an integrated automobile industry to strengthen Malaysia's industrial base. The main objectives of the government in promoting an automobile assembly industry were to reduce imports, save foreign exchange, create employment, develop strong forward and backward linkages with the rest of the economy, and transfer industrial technology. The government's efforts were fully reimbursed - industry managed to move into the manufacture of motor vehicles and component parts in the 1980s and 1990s from just being fragmented and inefficient assembly base in 1960s and 1970s and fulfilled the abovementioned goals, that is significantly contributed to the national economy in terms of manufacturing output and employment. The automotive industry was led by the two national car projects (Proton and Perodua).
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|
First National Car Project - Proton Proton's entry into the local automobile market
in 1985 has resulted in massive structural changes in the industry, which was
reflected in the shift of the domestic car market, which depended on imported
cars, particularly Japanese makes, to one that is dominated by locally made
cars. For non-Proton distributors, the entry of Proton has resulted in a much
smaller slice of the car market. Nissan and Toyota, which dominated the local
passenger car market in the pre-Proton era, have lost their popularity among
local car buyers. The first Proton cars were rolled out in 1985, by a joint
venture between Mitsubishi Motor Corporation (MMC), Mitsubishi Corporation
and Heavy Industries Corporation of Malaysia (Hicom). |
Despite the fact that Proton had not successful start due to the 1985-86 recession which caused the decrease in demand and increased vehicle prices because of the Japanese yen appreciation against the national currency, the recovery of the Malaysian economy contributed to the increase in Proton's production and market share, making it the best selling passenger car in Malaysia, with market share of 73%. The success story of Proton can be directly attributed to the government policy, which is said to be the most interventionist regime among the ASEAN countries. The national car manufacturers enjoy a certain amount of protection against foreign competition in the form of tariff and other non-tariff barriers. Below is the detailed information about the specific measures:
Below is the detailed information about the specific measures. These measures are the following:
Tariffs
The import duty for passenger cars is between 140-300 percent, based on engine displacement. [New Diesel cars (Complitely built up, CBUs) are charged a rate of 120 percent, while used diesel cars are charged the same rates as gasoline engine vehicles (chart below)].
|
Passenger Cars |
CBU |
CKD (completely knocked
down) |
|
Engine capacity (cc) |
|
|
|
Less than 1,800 |
q |
q |
|
1,800-1,999 |
170% |
42% |
|
2,000-2,499 |
q |
60% |
|
2,500-2,99 |
250% |
70% |
|
3,000 and above |
300% |
80% |
The import duty for 4WD and MPVs ranges from 60-180 percent
4WD and MPVs
|
|
CBU |
CKD |
|
Engine Capacity(cc) |
|
|
|
Less than 1,800 |
60% |
10% |
|
1,800-1,999 |
80% |
20% |
|
2,000-2,499 |
150% |
30% |
|
2,500-2,999 3,000 and above |
180% 200% |
40% 40% |
The import duty for vans ranges from 42-140%
Vans
|
|
|
|
|
Engine Capacity(cc) |
|
|
|
Less than 1,800 |
42% |
5% |
|
1,800-1,999 |
55% |
10% |
|
2,000-2,499 |
100% |
30% |
|
2,500-2,999 |
125% |
40% |
|
3,000 and above |
140% |
40% |
Commercial Vehicles
|
CBU |
CKD |
|
30% |
Nil |
Automotive Parts and Components:
- The import duty for auto parts and components ranges from 5-30 percent, and is tied to local content regulations.
- The import duty for National Cars (CKDs) is 13 percent.
Taxes:
- A 10 percent sales tax on all vehicles is assessed.
- An excise tax on passenger cars is assessed on a graduated schedule:
- First RM 7,000 x 25%
- Next RM 3,000 x 30%
- Next RM 3,000 x 35%
- Next RM 7,000 x 50%
- Next RM 5,000 x 60%
- Balance x 65%
There is a 45 percent excise tax on MPVs and 4WD vehicles, no excise tax for commercial vehicles and national cars receive a 50% reduction in the excise tax.
- A road tax of 0.13 to 3.6 ringgits is assessed, based on engine displacement.
Positive side of tariffs
High import tariffs have contributed
significantly to developing Malaysia’s NCPs. By relying less on imported
automobiles, Malaysian has to a certain degree reduced its balance of payment
deficit. The impact of high tariffs on imported vehicles have the following
results:
-
Protection of
the domestic automotive industry in such a way that local producers on national
cars earn higher profits due to their higher prices and increase in production;
-
Reduced foreign
exchange outlays- that is tariffs reduce demand of imports as the price
differential make imported automobiles unaffordable for many people;
-
Higher
government revenue – unlike quotas, which benefit the importer or exporting
country, revenues from tariffs are collected by the government of the importing
country.
Malaysia’s
protectionist policies have also accelerated the development of automotive
components and parts manufacturing. The VDP for national cars has created new
players as well as has given component parts manufacturers the scale of
production necessary to become viable. Some of these vendors have also ventured
into original equipment manufacturing (OEM) activities for other automotive
makers and started exporting their products. Another significant feature is the
creation of second and third-tier subcontractors and suppliers.
The
negative Side of the Tariffs
Despite
the fact that high tariffs have succeeded in developing the local automotive industry,
they represent obstacles to international trade because they distort markets
and result in welfare losses to consumers. They promote inefficiencies among
local producers and deprive consumers of affordable imports of higher quality
and better variety products. The local content programs and high import tariffs
on CBUs and CKD units undoubtedly lead to high production costs, and these are
passed on to consumers in the form of higher prices.
Prices of
motor vehicles have increased steadily since the introduction of first NCP in
1984 and are now beyond the reach of a sizeable proportion of the population.
Therefore, consumers have view that the loss in static welfare outweighs any
dynamic gains to the industry.
Import Bans and Quotas:
- An approval permit (license) is required for imports of motor vehicles, which limits importers total market volume for completely built-up units (CBUs), effectively acting as an import quota. It is unclear whether this is a 5 or 10 percent quota.
- Malaysia maintains an import ban on motor vehicles from Israel and South Africa.
Investment Requirements:
Foreign investors may retain up to 100 percent equity if the firm either exports 50 percent of its output or employs 350 Malaysians full-time.
Malaysian companies must be 30 percent Bumipatra (native Malay) owned.
Proton made a major step in upgrading its engineering capabilities with the acquisition of Lotus Group International Limited, a British automotive engineering company and manufacturer of luxury sports car in October 1996. This step allowed Proton to gain a great engineering expertise, which will enhance them to improvise and come up with new models that is globally competitive and innovative. Currently, the factory has a capability of producing 230 000 units per year. An important milestone in the Malaysian automotive industry was the introduction of Proton WAJA in May 2000, which represents the first Malaysian designed car to be manufactured and actually affordable for local customers.
Second National Car Project - Perodua
Perodua was the second national car project. Through proper planning and focus, Perodua has provided the Malaysian population with opportunity of owning compact, affordable and reliable vehicle, whose standard and quality are second to none. Since the establishment in 1994, the domestic market share of Perodua was approximately 25%.
Human resource development
The national car project in Malaysia has also contributed to human resource development. According to the terms of their joint venture agreement, Mitsubishi Motor Corporation (MMC) was responsible for plant construction, training and supervision of preparations for production and technical assistance in localisation. The national car project has required that all Proton staff (engineers, researchers, designers, managers, mechanics) be trained according to Japanese standards and procedures. Malaysian employees of Proton — from production workers to managers — have been sent to MMC in Japan since 1983 for training. Up to 1991, around 500 had been to Japan for training, while another 178 went in 1992. Proton employees have received training in various aspects of car manufacturing such as production control, welding, painting, trim and final, maintenance, tooling, stamping engineering and quality control. The Proton workforce has been trained in Japan as well as in Malaysia, and is still supervised by Japanese. Many specialists from MMC have also been despatched to the Proton plant to train Proton employees in Malaysia. In 1991 and 1992 alone, about 200 Japanese specialists from MMC were in Malaysia to provide training under the Technical Assistance Agreement with Proton.
Having discussed above the development of the Malaysian automotive industry and the protectionist measures it enjoys, let’s look at the introduction of the ASEAN Free Trade Area and its implications for the Malaysian automotive industry
AFTA and Its Implications for Malaysian Automotive industry
In January 1992, at the Fourth ASEAN Summit in Singapore, the ASEAN heads of government formally agreed to establish an ASEAN Free Trade Area (AFTA) and signed the Singapore Declaration and the Framework Agreement on Enhancing ASEAN Economic Cooperation. There are six original members of AFTA: Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore and Thailand. Now AFTA has 10 members including 4 new members - Vietnam (joined in 1995) Laos and Myanmar (joined in 1997) and Cambodia (joined in 1999). The ultimate objective of AFTA is the following:
- to increase ASEAN's competitive edge as a production base geared for
world market, that will be realized through the elimination of intra-regional
tariffs and non-tariff barriers, allowing manufacturing sectors become more
efficient and competitive.
- with the larger size of the market, investors can enjoy economies of
scales in production. Foreign direct investments will be attracted into the
region which will in turn stimulate growth of supporting industries in the
region for many foreign direct investments.
The ASEAN Economic Ministers (AEM) signed the Agreement on the Common Effective Preferential Tariff (CEPT http://www.asean.or.id/economic/afta/afta_ag2.htm ) Scheme for AFTA, which represents the main mechanism for the realization of AFTA. According to the CEPT Agreement, the countries of ASEAN would reduce intra-regional tariffs on all manufactured items including capital goods and processed agricultural products and remove non-tariff barriers over a 15-year period starting January 1, 1993. However, in view of the economic challenges, the AEM Meeting on 22-23 September 1994 in Chiangmai, Thailand agreed to shorten the time frame for the realization of the AFTA from 15 to 10 years, finishing by 1 January 2003 instead of 2008, and to include unprocessed agricultural products into the CEPT scheme.
In efforts to strengthen the rules and disciplines of the CEPT Agreement, in November 1996, ASEAN adopted a dispute settlement mechanism (largely patterned after the WTO mechanism) covering all economic agreements. The provision on emergency measures under the CEPT Agreement has also been strengthened to make it consistent with the WTO Agreement on Safeguard Measures. A Protocol on Notification Procedures has been established to provide advance warning of actions or measures that can have an adverse effect on concessions granted under an existing ASEAN agreement. These protocols represent the evolution of ASEAN economic cooperation towards a more rule-based system.
Program on Tariff Reduction
Manufactured and Processed Agricultural Products
The Fast Track Program and the
Normal Track Program represent the two programs under the CEPT Scheme. The
first mentioned program included the reduction of those tariffs to 0-5% which are above 20% within 7 years(by
January 1, 2000) and reduction of those tariffs to 0-5% which are at 20% or
below within 5 years (by January 1, 1998)
The Fast Track Program covers a set of 15 product groups identified for accelerated tariff reduction by the Fourth ASEAN Summit. They are:
|
List of products
under Fast Track Program |
|
|
Chemicals |
Cement |
|
Fertilizer |
Pharmaceuticals |
|
Rubber products |
Leather products |
|
Pulp and paper |
Textiles |
|
Wooden and rattan furniture |
Ceramics and glass products |
|
Gems and jewelry products |
Electronics |
|
|
Copper cathodes |
(many products listed in the Fast Track Program are auto-related input
industries)The normal Track Program includes
the reduction of tariffs above 20% in two stages:
- first, to 20 % within 5 years (by
1 January 1998); and
- subsequently, from 20% to 0-5 % in
5 years (by 1 January 2003)
b. Tariffs of 20 % and below will be
reduced to 0-5 % within 7 years (by 1 January 2000)
AFTA will now be fully completed by the year
2002. Despite the perspectives that AFTER offers, its take off was marked by
the controversies, which arose among some member states. The first trade
conflicts started between Thailand and Malaysia due to the fact that the latter
rejected a cut in import tariffs on automobiles and auto parts from Thailand.
In response, Thailand imposed high tariffs on palm oil imports from Malaysia.
As for the other conflicts, iron rod exporters from Thailand urged the
government to retaliate against Malaysia, Indonesia and the Philippines for
setting up tariffs of over 25-30% against the Thai products.
Malaysia has used high import duty and local
content policies to protect national cars, domestic assemblers and component
parts makers. With the introduction of AFTA, all trade barriers will be removed
and this in turn can have the negative implications for Malaysian automotive
industry. Domestically, Proton has the advantage in terms of dominant market
share and a well-established distribution and service network. Mentioned
situation will remain for the next five years at least, following Malaysia's
deferment to 2005 of market opening measures for the auto sector under the AFTA
agreement. But the situation concerning the Proton's dominance in the local
market after the 2005 can be threatened. Removal
of all the trade barriers can result in the following:
-
foreign
competition, which can pose serious threat to the future development of the
local automotive industry;
-
outside
pressure on the local market from other manufacturers in both component and
finished products;
-
collapse of the
inefficient and weak firms at the expense of stronger ones
. So what can be the way? Is Proton going to collapse or is there any way out?
Measures to be taken
First off all, if Malaysian national
cars want to survive, they have to fully prepare by the year 2005. Government
has put an effort and managed to defer the AFTA from 2003 to 2005. So now it is
up to the local manufacturers to come out with their own remedies to face AFTA.
Proton has started preparing for AFTA. One of the measures taken by Proton is
in R & D sector. They have come up with first Malaysian design car. This is
a milestone in Proton, which was realized using latest technology like Rapid
Prototyping and commitment by the employees. Proton is also doing research and
development with Lotus engineering and Petronas-Sauber Formula 1 team to come
up with own engine. This moves in R &D sector is very important for them. Now
they can show their own identity to the world rather than copying prototype of
Mitsubishi cars. They have changed to a new logo that will give them more
precise identity.
Cost
competitiveness and quality
Another
major thing - cost competitiveness -
should be taken into account. Cost control is very important. Malaysian local
cars cost is very high compare to the actual price of foreign car without tax
and tariffs. So, in order to become global distributor, the price of the cars
should be competitive among car giants. Another main thing that Proton should
consider is quality of the car and its parts. Currently Proton’s quality can’t
even be compared to foreign cars. Quality is very important component because
most consumers will look into the quality of the car before purchasing it. Even
to maintain the local sales the quality should be maintained and upgraded to
the level of foreign cars.
Local component parts vendors
Local
component parts vendors also have an important role to play. If Proton were to graduate
into a global player, so too must its vendors. The tiering of vendors under the
modular approach adopted for the WAJa (Proton WAJa) is a step in the right
direction. For the first time, 20 tier one vendors designed and made components
in collaboration with Proton engineers. By themselves these vendors can hasten
the manufacturing process and improve on product quality whilst allowing the
national car to better utilize its resources.
Strengthening export markets
Also in order to compete in the global market, Proton has to strengthen its export markets, because it can't only rely on the traditional markets. As an example can be taken the drop of car sales (14 900 units in 1993 to 4 600 in 1998) in the United Kingdom - the major export market for Proton, because of the intense competition from Japanese and Korean makers. But by cooperating with other global partners, Proton would be able to build resilience to face the competitive international environment and have a better chance of making further inroads into existing markets and penetrating new ones.
3. Related Cases
MAQUILA case
GERMAUTO case
NAFTA case
POKEMON case
KOREASUBSIDY case
4. Author and Date:
Tamara Gabilaia (12, April, 2001)
II. Legal Clusters
5. Discourse and Status:
Agreement and in progress
6. Forum and Scope:
AFTA and regional
7. Decision Breadth: 10
AFTA member countries: Brunei
Darussalam, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam,
Laos, Myanmar and Cambodia
8. Legal Standing:
Treaty
III. Geographic Clusters
9. Geographic Locations
a. Geographic Domain: Asia
b. Geographic Site: East Asia
c. Geographic Impact: Malaysia
10. Sub-National Factors:
No
11. Type of Habitat:
Tropical
IV. Trade Clusters
12. Type of Measure:
Tariffs and taxes
13. Direct v. Indirect Impacts:
Direct
14. Relation of Trade Measure to Environmental Impact
a. Directly Related to Product: Yes,
automobile
b. Indirectly Related to Product no
c. Not Related to Product: no
d. Related to Process: yes, rights
15. Trade Product Identification:
Automobiles
16. Economic Data
17. Impact of Trade Restriction:
Low
18. Industry Sector:
Manufacturing
19. Exporters and Importers:
Export of Cars
Malaysia’s cars are currently exported t over 50 countries in Europe, Asia and South America including Australia, Turkey, Russia, India, Laos, Egypt and Argentina. Malaysia’s firs export of cars started in 1986 and amounted 25 units which were exported to Bangladesh. In 1987 the export markets expended to Brunei, Malta, New Zealand and Sri-Lanka. The number of units exported in 1987 totaled 443 units. First exports of proton in Europe started in 1988 when it exported 540 units of Proton Saga to the Republic of Ireland. A year later, in 1989 proton started exporting its cars to UK, Singapore and Jamaica. Sales to UK and Ireland totaled 10 500 units during this year and since than the UK is the largest export market of Proton. Proton’s distribution in the UK is handled by its subsidiary, Proton Cars (UK) Ltd. UK export market significantly contributed to the improvement of proton’s sale from just 25 units in 1986 to 20,269 units in 1993. From these 20 269 units total exports to the UK and Ireland amounted to 17 440 (86%) units. But Malaysia’s total exports of Proton fell below 15 000 units in 1994 following a crisis between the Malaysian and the UK governments over the Pergau dam and certain defense contracts.(see http://www.keller-ge.co.uk/pergau.html , http://www.solidaritetshuset.org/fivas/rettsskr/pergau7.htm ), During that year exports of Proton to UK fell to 10 169 units (about 68% of Malaysia’s total exports) and since then and up to 1995-97 Proton’s exports to UK and Ireland accounted to 10 000 units. But the sales volume dropped to 7 000 units per year during the 1998-99 when proton exported less to the UK in order to minimize the lower margins of its sales to the country. In UK Proton is eligible for tax breaks under the EU generalized system of preference but it has still to enter into such car markets as Germany, the US and Japan.
|
MALAYSIA: EXPORT OF CARS |
||
|
|
Units |
RM m (FOB) |
|
1994 |
14,813 |
314.9 |
|
1995 |
20,718 |
412.4 |
|
1996 |
22,572 |
469.1 |
|
1997 |
25,900 |
532.1 |
|
1998 |
21,771 |
535.6 |
|
1999 |
18,117 |
492.5 |
The above table shows increasing trend in exports since 1994 up to 1997, rising from 14,813 units to 25,900 units. However, in 1998, a year when the economy was down in recession export of cars significantly dropped and this trend continued in 1999.
Import of Cars
Imports of cars, which were on a high trend during 1995-97, fell in 1998 due to the economic slowdown that caused the low income in the country. During this year, imports of motorcars completely knocked down (CKD), which usually make up more than 95% of the total import value of cars in the country fell to 145 217 units representing a decline of 60% from 1997’s total of 363 201 units. As for the motorcars completely build-up (CBU), their imports slowed down to 1 352 (comparing to 5 649 in 1996) due to the mentioned economic crisis but significantly increased to 5 470 units due to the economic recovery. . Imports of CBU and CKD cars together constituted about 85% of the total imports of motor vehicles in the country.
Exchange rate policyOn September 1, 1998, as part of a broader effort to reflate the economy and stabilize the currency, the government took drastic action by fixing the exchange rate of the ringgit to the U.S. Dollar at RM 3.8/US$1 and instituting selective capital controls. Malaysia's principal objectives in instituting the controls are to eliminate offshore trading in the ringgit and insulate the domestic economy from external risks posed by short term capital flows. The exchange controls reduce the ability of nonresidents to engage in ringgit transactions, require settlement of imports and exports in foreign currencies, discourage short-term capital inflows by requiring them to remain in the country for at least one year, restrict Malaysian investment overseas, and limit the amount of foreign currency individuals and corporations can take out of the country. The government has stressed that the measures maintain general convertibility of current account transactions, and do not impair repatriation of interest, profits, dividends and commissions on investments. The government has also stated that the controls are temporary and will be lifted once the international financial infrastructure addresses destabilizing capital flows which the government blames in large part for recent economic difficulties (for detailed information refer to http://www.worldbank.org/html/extdr/pos98/dmm100498.htm -Malaysia: Measures for Economic Recovery)
|
MALAYSIA: IMPORTS OF CARS |
||
|
|
Units |
RM m (CIF) |
|
Motorcars completely knocked down (CKD) |
||
|
1994 |
181,052 |
1,934.0 |
|
Motorcars completely built-up (CBU) |
||
|
1994 |
2,079 |
54.2 |
|
Major Export markets in |
1998 for Proton |
|
|
Country |
Value
(RM million) |
%of
export value of motor vehicles |
|
UK |
335.8 |
45.7 |
|
Turkey |
74.9 |
10.2 |
|
Australia |
51.2 |
6.9 |
|
Hong
Kong |
44.7 |
6.1 |
|
Germany |
37.2 |
5.1 |
|
Others |
734.2 |
26.0 |
|
Total |
734.2 |
26.0 |
V. Environment Clusters
20. Environmental Problem Type:
Rights
21. Name, Type, and Diversity of Species
22. Resource Impact and Effect: Low
23. Urgency and Lifetime: low and 10-20 years
24. Substitutes: No
VI. Other Factors
25. Culture: Yes
Malaysia's national car, the Proton Saga, represents more than a motor-vehicle. It symbolizes the determination of the nation to shake off its traditional status as a producer of primary commodities and to emerge as a member of the community of industrialized nations. Today, Malaysia is the proud producer of many more models, such as the Proton Perdana, Proton Wira, Proton Iswara, Proton Satria, Proton Tiara, Kancil, Rusa and the Kenari. So it can be seen that automotive industry is very important for Malaysia not only as one of the major industrial sectors but also as national pride. Success in the past, however, does not guarantee success in the future. The achievements of the later period were partly due to effective national leadership and heavy subsidies from the government. Malaysia had an unusually rich natural resource base on which to begin its restructuring, and, just as the restructuring got underway, that resource base got even richer with the development of the offshore extraction of petroleum and natural gas. With petroleum and timber channeling large funds into government and private coffers, Malaysia could make mistakes and still do well. As it turned out, Malaysia did not make that many mistakes so it did very well. Natural resources, however, are not going to carry the Malaysian economy into the future because its share in output and in exports has shown a clear downward trend in the last fifteen years. More than that, is not Malaysia too small to support market for 300 000 cars? May be it’s better to leave the national pride behind and prepare and take advantage of the liberalized market.
26. Trans-Boundary Issues:
No
27. Rights: Yes
Labor
28. Relevant Literature:
http://www.asean-auto.org/Malaysia.pdf
http://www.glopex.com/malnews.htm
http://phuakl.tripod.com/pssm/conference/car.htm
http://www.asean-auto.org/Liberalizing.pdf
http://www.biz.uiowa.edu/econ/seminars/fall00/davidson.html
http://www1.harenet.ne.jp/~noriaki/link3_e.html
http://www.corporateinformation.com/mycorp.html
http://www.ita.doc.gov/td/auto/malaysia.html
ASEAN AUTO GROWTH.(2000) [Online]
www: http://www.us-asean.org/ASEANOverview/dialogue2000/auto/sld003.htm
ASEAN Auto DATABASE (2000) [Online] www: http://www.asean-auto.org/
PROTON Home Page (2000) [Online] Available www .http://www.Proton.com
PERODUA Home Page (2000) [Online] Available www:http://www.perodua.com.my
http://www.moc.go.th/thai/dbe/AFTA-NET.html
http://www.bcb.com.my/bulletinboard/reports/apr2000/auto-page2.htm
http://www.corporateinformation.com/mysector/Automotive.html
http://www.venkateswaran.20m.com/index.html
http://members.tripodasia.com.my/future/perodua.html
http://www.saf.ethz.ch/afrsp/report_09.pdf
http://www.miti.gov.my/bmucapan77.htm
http://www.asean-auto.org/mal/report.htm
1/2001