MITI to expedite NIMP adoption to bolster economic growth projections
21 Mar 2024
The Ministry of Investment, Trade, and Industry (MITI) is committed to accelerating and facilitating the implementation of the New Industrial Master Plan 2030 (NIMP 2023) to contribute to the country’s economic growth projections for the current year, said Minister Tengku Datuk Seri Zafrul Abdul Aziz.
In light of the economic growth targets, ranging from 4.0 per cent to 5.0 per cent this year, the effective execution of various plans, including the NIMP 2030, will be pivotal, he said on the sidelines of the Industrial Take Off Year 2024 event at Concorde Club at Wisma Bernama today.
“If you look at the economic growth, the target this year is around 4.0 per cent to 5.0 per cent. One of the key drivers will be the implementation of the various plans, including the NIMP. We have to ensure that execution is key.
“So that is why, at MITI, we will continue to accelerate the plans that we have announced, including the investments that have been approved. Now we must make sure those investments are reliased,” he said.
The NIMP 2030 was unveiled on Sept 1, 2023, marking a significant milestone in the nation’s journey towards the MADANI Economy.
According to Miti, it is a commitment to bolster the nation’s manufacturing sector, with ambitious microeconomic targets which include boosting the gross domestic product (GDP) of the manufacturing sector by 6.5 per cent annually. By 2030, this could translate into a substantial RM587.5 billion contribution to Malaysia’s total GDP.
The NIMP 2030 encompasses six key goals that aim to elevate Malaysia’s economic standing namely, increase economic complexity, create high-value jobs ppportunities, extend domestic linkages, develop new and existing clusters, improve inclusivity, and enhance ESG practices.
During the release of Bank Negara Malaysia’s Annual Report 2023, the central bank recommended that certain industry master plans that were started last year be accelerated to support economic growth.
Among the government’s 2023 announcements are the National Energy Transition Roadmap, which aims to position the country’s renewable energy sector as a major driver of growth, and the NIMP, which aims to advance manufacturing and other important sectors.
Source: NST
