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July 9, 2007

Slow take-up tor automotive fund
The take-up for the Automotive Development Fund (ADF), among the components and parts manufacturers is slow with only two applications worth RM10 million received as at June 1, this year, Minister of International Trade and Industry, Datuk Seri Rafidah Aziz said July 9.

She said the fund launched in February last year with an allocation of RM400 million is aimed at improving the overall competitiveness of the automotive industry, particularly the parts and components manufacturers.

"Industry associations are encouraged to work with MIDF (which manages the fund) to publicise the fund among its members," she said at the annual dialogue session with food, transportation and pharmaceutical associations here.

The two applications received so far is for the acquisition of new machinery and moulds, as well as working capital, said Rafidah.

She said RM50 million from the ADF was distributed directly to Proton in December last year for the consolidation of dealers (RM10 million) and rationalisation and improvement of vendors (RM40 million).

The objective was to reduce the number of Proton dealers to 300 from 362 by the end of this year and vendors to 120 from 250 currently. Bernama


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