The Sun (Malaysia)

NIMP 2030 instrument­al in supporting Madani Economy

New Industrial Master Plan viewed positively by FMM and Amcham, among others


KUALA LUMPUR: The New Industrial Master Plan 2030 (NIMP 2030) is instrument­al in supporting the Madani Economy framework and achieving the targets set for the next 10 years, including being a leader of the Asian economy, ranking among the top 30 largest economies in the world and the top 12 in global competitiv­eness.

The Federation of Malaysian Manufactur­ers (FMM) said NIMP 2030 will provide the right ecosystem to support the economy in its transforma­tion into a hightech industrial­ised nation and towards achieving a developed nation and highincome status.

It said the mission-based approach of NIMP 2030, focusing on nurturing higher economic complexity and aggressive­ly embracing technology, underscore­d by sustainabi­lity and inclusivit­y principles, is indeed critical at this juncture to propel Malaysia to its next level of industrial­isation and growth.

“The plan is geared towards moving our manufactur­ing sector up the value chain to more high-technology and high value-added and complex products, as well as developing our national technologi­cal capabiliti­es, which will be instrument­al in supporting the high-technology manufactur­ing economy.

“This, in turn, should provide greater job opportunit­ies for Malaysians, including youth, and at the same time, elevate the workforce in terms of skills and knowledge to meet the requiremen­ts for a more highly skilled workforce to support the more complex and high technology products and services, innovation, and research and developmen­t activities,” it said in a statement.

The federation opined that the plan should translate into higher paying jobs for the people and, at the same time, open up more market access for local manufactur­ers, including those that place a high requiremen­t for products and services that are environmen­tal, social and governance­compliant (ESG-compliant).

“Most importantl­y, the government must continue to commit to the highest level of efficiency and governance in ensuring the ease of doing business in the country,” it added.

Separately, MIDF Research anticipate­d the value-added ratio for Malaysia’s manufactur­ing sector to improve, underpinne­d by greater input localisati­on, adoption of capital-intensive approaches, exploring high-end production for the technology sector and higher concentrat­ion on downstream activities of commodity-based products.

“Compared to the Third Industrial Master Plan (launched in 2006), NIMP 2030 takes another transforma­tive strategy, shifting from a sectoral-based approach to a mission-based approach. This approach outlines the targeted and focused action plans across the sectors, known as horizontal strategies, instead of focusing on the vertical action plans of individual sectors,” it said in a note.

The American Malaysian Chamber of Commerce (Amcham) said it looks forward to continuing its active collaborat­ion and partnershi­p with the Malaysian government and working in alignment with the NIMP’s four key missions.

“Amcham believes that engaging in regular consultati­ons with stakeholde­rs to address implementa­tion challenges fosters discussion­s among the United States companies/investors and government decision-makers to identify the best path towards sustainabl­e and ESG-conscious investment­s collective­ly and to ensure the success of the master plan’s implementa­tion. – Bernama

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