NIMP2030 to drive manufacturing industry transformation
11 Aug 2023
The New Industrial Master Plan (NIMP) 2030 is expected to drive manufacturing industry transformation by advancing economic complexity; benefitting the automotive, aerospace, technology, petrochemical, pharmaceutical, plantation as well as property sectors.
Maybank Investment Bank Bhd (Maybank IB) said the NIMP 2030, set to be unveiled towards the end of this month, would be a key enabler for the Madani Economy, aside from the National Energy Transition Roadmap (NETR) launched on July 26.
“Efforts in restructuring the economy via the NETR and NIMP2030 are positive in identifying new, long-term growth catalysts,” it said in a note today.
The research firm also said that the NIMP2030 is expected to drive manufacturing industry transformation by advancing economic complexity, digital tech-up, pushing for net zero as well as safeguarding economic security and inclusivity.
“The plan will move to a ‘mission-based approach’ from ‘sector or industry-based approach’, to ensure that all sectors thrive to create high-income jobs and linkages with domestic industries as well as growth and financing of macro, small and medium enterprises.”
Furthermore, it said NIMP2030’s net zero mission will be supported by green investments like carbon capture, utilisation and storage; renewable energy; electric mobility; hydrogen energy as well as low-carbon transition technologies.
“The plan will be in line with the New Investment Policy that has identified five sectors to help lift future exports of more complex products such as aerospace, chemicals and petrochemicals, digital economy, electrical and electronic as well as pharmaceuticals.”
Maybank IB also viewed the recently announced foreign direct investments from Geely, Tesla and Infineon as key milestones, boosting economic complexity transition in terms of trade, technology and research.
“In the case of chemicals and petrochemicals, the future lies in specialty chemicals and we see the Refinery and Petrochemical Integrated Development (RAPID) in Pengerang, Johor to be the hub.”
The NIMP20230 will play a key implementation and execution role to realise the Madani Economy’s targets, including strengthening Malaysia’s attraction as an investment destination by being in the top 12 in global competitiveness ranking and the top 30 largest economies in the world.