"Proper execution of NIMP is increasingly pertinent for Malaysia to continue enhancing its national business and investment landscape competitiveness," Minister of Investment, Trade and Industry Tengku Zafrul said.
Malaysia's MITI Dialogue 2024 saw leaders stressing the need for a more determined commitment to disciplined implementation, and a stronger public-private collaboration to ensure that the country's reindustrialisation agenda remains on track.
According to a media release by MITI, the dialogue, held on January 29 2024 (Monday) and led by Minister of Investment, Trade and Industry YB Senator Tengku Datuk Seri Utama Zafrul Aziz, witnessed a dynamic exchange of views and discussions on strategies, solutions and stronger execution to further enhance Malaysia's industrial, trade and investment ecosystem — as outlined by the New Industrial Master Plan 2030 (NIMP 2030).
Launched on 1 September 2023 by Prime Minister Dato' Seri Anwar Ibrahim, the NIMP 2030 is the fourth edition of the country's Industrial Master Plan (IMP), which focuses on a mission-based approach in comparison to the previous IMPs.
The NIMP 2030 focuses on four key missions:
- Advance economic complexity: Focuses on encouraging the industry to innovate and produce more sophisticated products to increase economic complexity.
- Tech up for a digitally vibrant nation: Aims to embrace technology and digitalisation to drive innovation, enhance productivity and create new opportunities for economic growth.
- Push for Net Zero: Aims to decarbonise Malaysia’s industries through implementation of energy efficiency and waste management measures, rapid RE and technology adoption and robust regulatory frameworks.
- Safeguard economic security and inclusivity: Aims to create an enabling environment with supply chain resilience, fosters entrepreneurship, supports SMEs, and promotes equitable participation in economic activities.
In order to achieve the Plan's goals, the key missions are supported by these enablers:
- Mobilise financing ecosystem
- Foster talent development & attraction
- Strengthen best-in-class investor journey for ease of doing business
- Introduce whole-of-nation governance framework
The MITI dialogue 2024 reported almost 300 people from 24 Ministries and MITI's agencies, including representatives from 103 associations, chambers of commerce & business councils in attendance.
During his closing remarks, Tengku Zafrul shared several key issues, highlighting the gearing up of SMEs on ESG disclosures via the National Industry ESG Framework (i-ESG), and addressed the following:
- Skilled talent gap for the manufacturing industry,
- Attracting the right FDIs and, and
- Getting the industry to embrace new technology as quickly as possible.
Tengku Zafrul said: "Proper execution of NIMP is increasingly pertinent for Malaysia to continue enhancing its national business and investment landscape competitiveness."
He added that MITI is currently developing a dashboard for both the NIMP and other key metrics from specific policies, to make it easier for industry members and the public to track the Ministry's progress on the Quarterly Report Card Day, which was announced in 2023.
"As we track projects, we must also be bold enough to review targets, if necessary, so that we can correct our course occasionally,” he commented.
To read more about the NIMP2030, please click here.
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