NIMP 2030 will pave country’s next economic take-off — Tengku Zafrul - MIDA | Malaysian Investment Development Authority
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NIMP 2030 will pave country’s next economic take-off — Tengku Zafrul

NIMP 2030 will pave country’s next economic take-off — Tengku Zafrul

01 Sep 2023

The New Industrial Masterplan 2030 (NIMP 2030) aims to shape a robust and resilient manufacturing sector that will generate broad-based benefits for a diverse range of stakeholders, Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz said today.

He said unlike its predecessor, NIMP 2030 takes a different approach to industrial development.

“This is due to a few factors — firstly, we must acknowledge the numerous global and domestic challenges that continue to hinder growth, including that of small and medium enterprises (SMEs),” he said at the launch of NIMP 2030 by Prime Minister Datuk Seri Anwar Ibrahim here today.

Secondly, he said, various emerging global trends and geopolitical tensions have influenced both the global supply chain and trade environment.

“At the heart of our efforts are SMEs. Our goal is to enhance their competitiveness, enabling them to seamlessly integrate into global supply chains. Equally important is the ‘rakyat’, whom we aim to provide with higher-paying and better-quality jobs.

“Through this industrial transformation, we are committed to rebuilding our middle class, ensuring that key stakeholders can also thrive in our prosperous future,” said the minister.

NIMP 2030 to expedite transformation

“Malaysia’s manufacturing sector continues to be the cornerstone of our economy. For the second quarter of 2023, the manufacturing sector accounted for 23.6 per cent of our national gross domestic product, our economy’s second largest contributor.

“It also contributes 80 per cent to the nation’s total exports, while employing roughly 17 per cent of Malaysia’s total workforce. In short, the manufacturing sector serves as a key engine of growth to drive the nation’s next phase of economic expansion,” he noted.

NIMP 2030 aims to expedite Malaysia’s industrial transformation by enhancing the competitiveness of Malaysian companies and ensuring their greater integration with global value chains.

The minister said the plan is testament to the Madani Economy vision.

“We are aiming for equitable, sustainable and inclusive growth, particularly for our people and SMEs,” he said.

“In the formulation of the NIMP, I’m pleased to share that we meticulously ensured its alignment with 32 existing policies and roadmaps,” he said.

“This harmonisation underscores our whole-of-government approach towards a cohesive integration with the policy objectives of various ministries and agencies.”

Resilient nation

“In realising NIMP 2030 objectives, we can emerge a resilient nation that embodies prosperity, inclusivity, and sustainability, while elevating the dignity of Malaysians as envisioned in the Madani Economy framework,” he said before quoting economist Joseph Stiglitz: “Development is about transforming the lives of people, not just transforming economies.”

“This is our great opportunity to transform our industry for the country’s next economic take-off. This is our chance to prove to the world that, together, we can execute this vision, so we can continue to position Malaysia as pro-business and pro-investment, and as investors’ viable gateway to Asean and even Asia,” he said.

Source: Bernama