FMM says NIMP 2030 will provide right ecosystem for Malaysia’s transformation into high-tech industrialised nation
01 Sep 2023
The Federation of Malaysian Manufacturers (FMM) said the New Industrial Master Plan 2030 (NIMP 2030) would provide the right ecosystem to support the country’s economy in its transformation into a high-tech industrialised nation and towards achieving a developed nation and high-income status.
The plan, it said, is geared towards moving Malaysia’s manufacturing sector up the value chain to more high-technology and value-added and complex products, as well as developing the national technological capabilities which would be instrumental in support the high-technology manufacturing economy.
“FMM views the NIMP as being instrumental in supporting the Madani Economy framework and achieving the targets set for the next 10 years which amongst others is to be a leader of the Asian economy, ranked top 30 largest economies in the world, top 12 ranked in global competitiveness, increase labour share of income to reach 45%, increase female labour force participation to 60%, etc,” said FMM president Tan Sri Soh Thian Lai in a statement.
Launched by Prime Minister Datuk Seri Anwar Ibrahim on Friday, NIMP2030 is focused on nurturing higher economic complexity; aggressively embracing technology, underscored by sustainability and inclusivity principles.
Soh said the plan is critical at this juncture to propel the nation to its next level of industralisation and growth, as well in ensuring that its industries remain competitive in the very robust global marketplace.
“At the same time, it will help position Malaysia as a preferred investment destination with the right ecosystem in place to support high-technology and high value-added manufacturing activities and build the capacity of our home-grown SMEs and integrate them into value chains both domestically and global,” he added.
Similar to the collaborative efforts of the government and the private sector in developing NIMP 2030, Soh said it is important that these efforts are further strengthened to ensure that the plan is well executed, and the targets are achieved.
“Most importantly, the government must continue to commit to the highest level of efficiency and governance in ensuring the ease of doing business in the country,” he said.
Source: The Edge Malaysia