‘Whole of nation’ approach to drive manufacturing - MIDA | Malaysian Investment Development Authority
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‘Whole of nation’ approach to drive manufacturing

‘Whole of nation’ approach to drive manufacturing

02 Sep 2023

The ambitious seven-year roadmap dubbed the New Industrial Master Plan (NIMP) 2030 unveiled by Prime Minister Datuk Seri Anwar Ibrahim aims to increase manufacturing’s value by 6.5% to RM587.5bil by 2030.

“This indicates an increase of 61% derived by NIMP 2030 interventions for high-impact sectors – E&E (electrical and electronics), chemicals, EV (electric vehicle), aerospace, pharmaceuticals and advanced materials such as minerals and metals,” he said.

He said the NIMP 2030 will require total investments of RM95bil, which will be funded predominantly by the private sector mobilised from private equity, capital and financial markets.

“Close to 10% will be allocated by the government to help catalyse and incentivise these investments via the NIMP Industrial Development Fund and the NIMP Strategic Co-investment Fund,” he added.

According to Anwar, the NIMP 2030 adopts a mission-based approach, which is unlike the previous industrial transformation and the three industrial master plans launched since 1986.

“It 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 our vision,” he said.

Anwar added that with a short window of seven years, the NIMP 2030 must take a transformative approach to achieve its goals, and four missions have been formulated based on assessments and extensive consultations.

He said the four missions are to Advance Economic Complexity, to Tech Up for a Digitally Vibrant Nation, to push for a Net Zero Future, as well as Safeguarding Economic Security and Inclusivity.

These four missions, he added, will be supported by four key enablers – addressing financial challenges, nurturing talent development and acquisition, improving investors’ journey, and enhancing governance mechanisms.

To ensure effective implementation of NIMP 2030, Anwar announced that he will chair the National NIMP 2030 Council, which will consist of the relevant ministries and industry representatives.

“Public-private governance will be established to ensure timely and effective implementation.

“A Delivery Management Unit (DMU) under the Investment, Trade and Industry Ministry (Miti) will be set up to coordinate all efforts and drive cohesive implementation across stakeholders.”

Anwar also said Putrajaya will ensure the NIMP 2030 is carried out diligently and will benefit not only the private sector through better investments and trade prospects, but also the people through high-skill and high-income job opportunities.

“I need to stress that the vision of NIMP 2030 can only be successfully realised if we work together in unity towards achieving the missions.

“It is only with commitment to unity that we can fulfil our hopes for the country,” he added.

Source: The Star