NIMP 2030 puts Malaysia in strong position to attract investments from China – ACCCIM
12 Sep 2023
The New Industrial Manufacturing Plan 2030 (NIMP 2030) has placed Malaysia in a strong position to attract more investments from China, especially in the renewable energy (RE) sector, said the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).
Its president, Tan Sri Low Kian Chuan said NIMP 2030, which highlights environmental, social and governance (ESG) practices, has outlined the direction for industrial transformation, with a focus on high-value-added and technology-driven industries that comply with ESG standards and reduce greenhouse gas emissions.
“Given China’s strength in new growth industries, there are enormous opportunities for deepening bilateral trade and investment activities between the two countries on a sustainable basis,” he told reporters after opening the sixth seminar on the Twin Parks Cooperation between Malaysia and China, here today.
Low said there are several industries with potential for bilateral investment including clean recycling activities of lead-acid and lithium-ion batteries, manufacturing of hydrogen fuel cells, hydrogen storage tanks and green supply chain ecosystem.
“Small and medium enterprises have to be ESG compliant as they become part of the global supply chains and the vendors for investors from China,” he said.
Low said that the ACCCIM will collaborate with the Malaysian Investment Development Authority (Mida) to promote the twin parks, namely the Malaysia-China Kuantan Industrial Park (MCKIP) and China-Malaysia Qinzhou Industrial Park (CMQIP).
He stated that the MCKIP and CMQIP are a flagship project known as “Two Countries, Twin Parks” and represent a new model for international cooperation on industrial parks.
He said Chinese investors are attracted to invest in MCKIP given that Malaysia is a hub for ASEAN and because of the government’s clear policy in relation to RE.
“We are looking for investments from China, especially in RE and green energy. Currently, MCKIP has more heavy industries concentration and it should encourage high-end technology industries, light manufacturing and food processing industries,” he said.
MCKIP, which enters its 11th year of operation, has attracted more than 50 international companies with a total investment of close to RM30 billion as at the end of 2022, and has created more than 14,000 jobs for Malaysians.