NIMP 2030 adopts mission-based approach, to galvanise entire manufacturing ecosystem - PM - MIDA | Malaysian Investment Development Authority
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NIMP 2030 adopts mission-based approach, to galvanise entire manufacturing ecosystem – PM

NIMP 2030 adopts mission-based approach, to galvanise entire manufacturing ecosystem – PM

01 Sep 2023

The New Industrial Master Plan 2030 (NIMP 2030) adopts a mission-based approach, unlike the previous industrial transformation plan and three master plans since 1986, said Prime Minister Datuk Seri Anwar Ibrahim.

He said NIMP 2030 is a horizontal policy with well-defined missions that will galvanise not only the entire manufacturing ecosystem but also the whole of nation to drive industrial transformation and realise Malaysia’s vision.

“With a short window of seven years, NIMP 2030 must take a transformative and expeditious approach to achieve the goals. Based on rigorous assessments and extensive consultations, four missions have been formulated to drive industry transformation on a large scale,” Anwar said in his speech at the launch of the NIMP 2030 here, today.

The four missions are to advance economic complexity, to tech up for a digitally vibrant nation, to push for net-zero carbon emission, and to safeguard economic security and inclusivity.

These missions will be supported by four key enablers to overcome systemic and institutional challenges, he said.

“These enablers include addressing financing challenges, nurturing talent development and acquisition, improving the investor journey, and enhancing governance mechanisms.

“To provide the impetus for immediate roll-out of NIMP implementation, several mission-based projects (MBPs) have been identified,” said the prime minister.

He noted that these ground-running projects are expected to accelerate the development of an inclusive ecosystem that integrates the small and medium enterprises (SMEs) into the value chain and rally the entire industry.

The new master plan would see more MBPs in the near future as the industry is expected to embrace this new approach and realise the benefits it bring to companies and the spillovers it would create for the economy, said Anwar.

To establish greater economic integration with the neighbouring countries, he said NIMP 2030 plans to establish stronger cooperation with them for a more resilient supply chain, with the pursuit for vertical integration of selected industries across the Asean countries.

“It bears stressing the importance of foreign direct investments (FDI) as they indirectly increase the Domestic Direct Investments (DDIs) as multinational companies (MNCs) based in Malaysia will source products and services from local companies.

“Strategic DDIs also have the potential to attract more FDIs as investors consider DDIs as the benchmark for the domestic investors’ confidence and commitment towards strengthening the nation’s investment and business landscape,” he said.

Recognising the importance of environmental, social and governance (ESG) considerations and its role in reforming the economic landscape, the NIMP has dedicated an entire chapter – “Push for Net Zero” – as part of its Missions, said Anwar.

“This aims to decarbonise Malaysia’s industries to achieve net-zero emission goals through proactive measures such as the implementation of energy efficiency and waste management initiatives, rapid renewable energy and technology adoption, supported by a robust regulatory framework,” he added.

The prime minister said the Ministry of Trade, Investment and Industry (Miti) also has a framework that will be launched in a few weeks’ time to build SMEs’ ESG capacity.

“This is important to ensure the SMEs’ continued participation in ESG-compliant MNC vendor ecosystems, and continued access to ESG-sensitive export markets,” he added.

Anwar said, to ensure inclusivity, NIMP 2030 will also create opportunities for Malaysian SMEs to grow in the manufacturing sector.

“Our SMEs in manufacturing currently contribute only 8.0 per cent to the gross domestic product and 9.0 per cent to exports. There is a lot of potential to grow our SMEs in manufacturing, in line with our Madani Economy aspiration to strengthen firms of all sizes.

“NIMP 2030 has, for example, specific action plans to build SMEs’ capacities to enable them to be positioned higher in global value chains. This, in turn, will help them scale up into mid-tier companies that could help Malaysia earn more foreign exchange earnings,” he added.

Source: Bernama