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New Industrial Master Plan will set key missions to support sustainable productivity

New Industrial Master Plan will set key missions to support sustainable productivity

10 Aug 2023

The upcoming New Industrial Master Plan 2030 (NIMP2030) has identified key missions that can be applied across all sectors to support sustainable productivity, according to the Minister of Investment, Trade & Industry (MITI) Tengku Datuk Seri Zafrul Aziz.

He said these key missions include increasing economic complexity, ensuring a digitally vibrant nation, pushing for net zero, as well as ensuring economic security and inclusivity.

“MITI and its agencies, particularly Malaysia Productivity Corporation (MPC), will look to multiply productivity in investment, industry and export sectors to support Malaysia’s GDP growth, underscored by ESG and sustainability considerations,” he said in his speech at the launching of Productivity Report 2023 (PR2023) here, today.

He said boosting Malaysia’s sustainable productivity and competitiveness requires smart collaboration and cross-synergies among federal, state and local governments, as well as the business community, academia, and civil society.

These efforts will be complemented by NIMP2030’s productivity multipliers and enablers – including enhancing the ease of doing business, technology adoption, and talent development.

“Further, through collaboration with IMD Partner Institute as well as key stakeholders, the MPC will also implement and closely monitor productivity and competitiveness initiatives. It is this Whole-of-Nation approach that will move the productivity needle faster, improve our future competitiveness rankings, and, more importantly, boost the economy for the rakyat’s well-being,” continued Tengku Zafrul.

The Twelfth Malaysia Plan (12MP)  targets Malaysia’s productivity to grow at an average of 3.6 percent annually throughout the 12MP duration, with value added per employment at RM106,060 in 2025.

In terms of competitiveness, the Ekonomi MADANI targets Malaysia to be among the 12 most competitive economies within the next ten years.

Source: NST