Deputy International Trade and Industry Minister Dr Ong Kian Ming said it is also an opportunity to introduce Industry 4.0 technologies not just to the manufacturing sector but also to the agriculture, mining, and services sectors.
"What then is the goal of sustainable reindustrialisation in 2020 and beyond? At the very least, the share of industry as part of the gross domestic product should not continue on a downward trend. Perhaps there may be a slight increase in the short to medium term," said Ong in a statement today.
He added reindustrialisation is an opportunity for rapid industrial transformation and value enhancement to elevate the manufacturing sector to the next level of sophistication and complexity.
"It is an opportunity to provide employment that matches the skills of our graduates," he said while hinting for Malaysian to take full advantage of the country's upcoming New Industrial Masterplan and the 12th Malaysia Plan.
MITI will be launching the New Industrial Master Plan 2021-2030 this year, with key strategies reportedly include a comprehensive review of incentives framework to be more future-proof.
The country's Budget 2020 commitment has unveiled a pre-package fund of RM1 billion annually for 5 years to attract Fortune 500 companies and global unicorns to Malaysia and also a pre-package of RM1 billion annually for 5 years to facilitate local companies investing abroad.
Malaysia said Ong, is now in a unique opportunity for reindustrialisation, finding itself to be the focus, once again, of companies in the manufacturing sector.
Unlike in the past, Malaysia now has the ability to be more selective in the choice of investments coming into the country he said.
"Investors would seek to leverage our relatively good infrastructure and skilled workforce.
"We need these investments to be sustainable from two perspectives -- that they must remain in the country for the long haul and they must not bring about negative environmental impact," he added.