Malaysia aims to draw more electric vehicle (EV) manufacturers as it seeks to become a regional hub for the Association of Southeast Asian Nations (ASEAN), an official said on Tuesday.

Citing favorable conditions in Malaysia making it highly conducive to support multinationals' regional hub ambitions, Malaysian Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz said in his keynote address at an automotive event here.

"Apart from our strategic location, good infrastructure and rule of law, we also have a highly-established electrical and electronics (E&E) industry, which has been reliably feeding the other industries, including aerospace, renewable energy and EVs," he said.

He added that the regional EV market is expected to grow at a compound annual growth rate of about 33 percent from around 500 million U.S. dollars in 2021 to 2.7 billion dollars by 2027.