2-9-2023 (KUALA LUMPUR) The New Industrial Master Plan 2030 (NIMP 2030) was unveiled with the objective of propelling the manufacturing sector to new heights over the next seven years.
In his address at the launch event in Kuala Lumpur, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, the Minister of Investment, Trade and Industry, emphasized the significance of the manufacturing sector as a key driver of economic growth in Malaysia.
“The manufacturing sector remains a cornerstone of the Malaysian economy, contributing 26.3% to the gross domestic product (GDP) in the second quarter of this year,” he stated.
The ministry reported that the sector accounts for 80% of global exports and employs 2.4 million individuals, making up approximately 7% of total employment in the country.
Tengku Zafrul explained that the NIMP 2030 aims to revolutionize the manufacturing sector by fostering broad-based growth and implementing strategies through four main missions: Advance Economic Complexity, Tech Up for a Digitally Vibrant Nation, Push for Net Zero, and Safeguard Economic Security and Inclusivity.
These four missions will be supported by 62 action plans that will be implemented through 21 strategies.
“While the NIMP 2030 is an ambitious plan, we are confident that its targets are attainable, and we rely on the support of all stakeholders, including ministries, agencies, state governments, and industry players,” Tengku Zafrul expressed.
During a pre-launch briefing, Tengku Zafrul highlighted the importance of sustainable practices and the transition to renewable energy within industries.
“We aim to develop green infrastructure and ecoparks, positioning Malaysia as a hub for data centers. However, these centers consume significant amounts of power, so it is crucial to align these factors,” he explained.
Additionally, Tengku Zafrul acknowledged the financial hardships faced by many individuals during the Covid-19 pandemic and emphasized the need for inclusive payment schemes.
“We want to raise both the ceiling and the floor to ensure inclusivity in payment schemes. However, we understand that the manufacturing sector requires a time frame due to its large scale. Enhanced productivity is key for companies to afford better wages for their workers,” he added.
According to Tengku Zafrul, each plan within the NIMP 2030 has measurable targets that will be closely monitored throughout their respective time frames.
Furthermore, the NIMP 2030 will leverage Malaysia’s advantageous position to capitalize on key trends, such as the expansion of US-based and European companies in Southeast Asia and the ongoing US-China trade dispute. Malaysia is also ahead of other Southeast Asian countries in terms of digitalization, second only to Singapore, with significant potential for further growth.
The NIMP 2030 council will continue to collaborate with the Ministries of Higher Education and Education to emphasize the importance of producing STEM (Science, Technology, Engineering, Mathematics) graduates.
