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Mission: Reindustrialise Malaysia

Mission: Reindustrialise Malaysia

02 Sep 2023

Malaysia is looking to catalyse its next phase of industrial development, raise economic complexity and improve economic outcomes for all within seven years, guided by missions set out in the New Industrial Master Plan 2030 (NIMP 2030).

A key driver of the economy, Malaysia’s manufacturing sector currently accounts for 24% of gross domestic product and over 80% of total exports. It also employs 2.7 million individuals or around 17% of total employment in the country. Under the NIMP 2030, Malaysia wants to raise employment to 3.3 million persons and median salary in the manufacturing sector from RM1,976 a month to RM4,510 a month within seven years.

In his speech at the launch of the NIMP 2030 on Sept 1, Prime Minister Datuk Seri Anwar Ibrahim described the master plan as “a key component” of the Madani Economy that would “support the realisation of economic reforms” as it is “designed to drive Malaysia’s trajectory as a global leader in industrial development, extend domestic linkages to create wealth across the nation as well as strengthen its position in the global value chain”.

“Malaysia’s focus remains on creating a high-income and skilled workforce, where the rakyat prosper and industries flourish,” Anwar wrote in his foreword in the 187-page NIMP 2030 that outlines the government’s reindustrialisation strategies.

In his foreword, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz acknowledged that the NIMP 2030 “is an ambitious plan” but added that he is “confident that with an effective implementation mechanism and support of all stakeholders, its objectives are highly achievable within the target time frame”.

In an exclusive interview, Tengku Zafrul tells The Edge why this “mission-based” master plan is different.

To know more about what Tengku Zafrul and industry experts have to say on the NIMP 2030, read our cover story this week by picking up a copy at newsstands.

Source: The Edge Malaysia