The Malaysian Vape Chamber of Commerce (MVGC) has said that the vape industry is too big to remain unregulated.
The organisation is calling on the government to introduce regulations for nicotine e-liquids and a broadening of the current excise tax.
The MVGC believes that regulation would boosts jobs and could attract foreign direct investment (FDI).
The industry is currently valued at RM2.7 billion (£485m), with more than 3,300 businesses and over 15,000 employees.
MVGC president, Syed Azaudin Syed Ahmad, said:
“The Malaysian vaping industry has significant potential that can be unlocked with practical and comprehensive regulation.
“This will spur the growth of small and medium enterprise, which will in turn create jobs and generate tax revenue for the government.”
MGVC is calling for the increases after the publication of a report into the Malaysian vaping industry.
It also showed that there are 1.12 million vapers in Malaysia, based on data from the Ministry of Health.
Almost all of the participants in the study had a history of smoking cigarettes, with 57 percent using e-cigarettes to help them quit smoking.
The report revealed that the vape workforce is mainly young adults under the age of 30 of Malay ethnicity.
These workers were paid up to RM450 million in wages in 2019, the report found.
Azaudin said that the Malaysian vape industry is now in a good position to attract foreign investment.
He said: “MVCC believes the vaping sector is ready and capable to attract quality FDIs given its established ecosystem that global investors and multinational companies would find appealing.”
Source: New Straits Times