He said the global medical devices industry is projected to grow to US$887 billion (RM4,131 billion) by 2032 from US$542 billion (RM2,524 billion) projected for 2024.

“Malaysia has what it takes, a solid foundation, a thriving ecosystem, and a strong political will to engineer the rapid growth of our manufacturing industry by engaging key stakeholders, particularly industry members.

“The nation can be a manufacturing hub for medical devices, allowing global brands to serve the Asean market, with its 670 million population, or even the Asian market, with its 4.7 billion people,” he said at the groundbreaking ceremony of Plexus Corp’s sixth manufacturing facility, Plexus Bridgeview, in Penang.

Tengku Zafrul said today’s event is another step towards bringing the New Industrial Master Plan 2030’s (NIMP2030) action plans to life.

He added that Plexus Corp’s focus on semiconductor capital equipment and the healthcare and life sciences sector aligns with the priority sectors under the NIMP2030.

“This will create a strong manufacturing ecosystem, driven by dynamic partnerships between leading global companies and Malaysian firms, powered by world-class talents.

“This is what will make Malaysia a manufacturing and services hub for Asia,” he added.

Plexus Corp regional president (Asia Pacific) Victor Tan said the establishment of the new Plexus Bridgeview facility demonstrates its commitment to growth within the region and provides the opportunity to meet the growing needs of its valued customers while elevating the local small and medium-sized industries.

He said the state-of-the-art facility, located on a sprawling 8.09-hectare plot, will feature cutting-edge infrastructure with an estimated investment of RM1 billion over the next three years.

“This expansion will also create an estimated 1,800 new employment opportunities of high-skilled jobs in the region,” he added.

Since its establishment in Malaysia over 20 years ago, Plexus Corp has grown to employ more than 10,000 team members.