PRIME Minister (PM) Datuk Seri Anwar Ibrahim announced today the launch of the New Industrial Master Plan (NIMP), a transformative initiative aimed at revolutionising Malaysia’s industrial sector by the year 2030.
This ambitious plan is expected to require a substantial total investment of RM95 bil with the private sector shouldering the majority of the financial burden while the government commits to contributing approximately 10% of the required funds.
“The government is fully committed to supporting the implementation of the NIMP 2030. It will require an estimated total investment of RM95 bil through its seven years, predominantly from 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 said in his speech at the launch.
The PM stressed that an essential aspect of the NIMP’s success will be fostering cooperation between the public and private sectors to translate its objectives into tangible actions and measurable outcomes.
To facilitate this collaboration, a dedicated National NIMP 2030 Council will be established featuring participation from relevant ministries and industry representatives.
Highlighting the plan’s broader societal impact, Anwar underscored NIMP’s commitment to improving the lives of the Malaysian population. One of its core objectives is to uplift and expand middle-class society, a goal seen as particularly crucial in light of the rapidly changing global industrial landscape.
“Skills transformation is key to develop future competencies and this has been set as a focus of our industrial strategy. To meet industry’s demands, we will implement a progressive wage system that promotes skill development and career advancement,” he added.
Furthermore, NIMP places a strong emphasis on supporting the growth of small and medium enterprises (SMEs) in the manufacturing sector. Currently, SMEs in manufacturing contribute only 8% to Malaysia’s national GDP and 9% to exports.
“There is a lot of potential to grow our SMEs in manufacturing, in line with our Ekonomi Madani aspiration to strengthen firms of all sizes.
“The NIMP 2030 has, for example, specific action plans to build SMEs’ capacities to enable them to be positioned higher in global value chains. This, in turn, will help them scale up into mid-tier companies that could help Malaysia earn more foreign exchange earnings,” noted the Finance Minister. – Sept 1, 2023
