Malaysia’s New Industrialization Master Plan (NIMP) 2030 is a game-changer. Led by Prime Minister Anwar Ibrahim, it aims for a 6.5% growth in manufacturing with an 8.2 billion ringgit investment. The focus is on high-skilled jobs and key sectors like electronics and aerospace.
Malaysia’s government is investing 8.2 billion ringgit ($1.77 billion) in a national industrial masterplan set for completion by 2030. The initiative aims to fortify the manufacturing sector and create high-skilled jobs.
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Funding and Investment
Prime Minister Anwar Ibrahim announced that the New Industrialization Master Plan (NIMP) 2030 will require a total investment of 95 billion ringgit ($20.5 billion). The government will contribute about 10% to kickstart the process and attract private equity and capital.
Objectives and Impact
The plan targets a 6.5% increase in the manufacturing sector’s value over the next seven years. It also projects a 2.3% employment growth in the sector starting from 2023. The focus is on creating high-value job opportunities to uplift the middle-class society.
Priority Sectors
The masterplan prioritizes industries like electronics, chemicals, aerospace, electric vehicles, and pharmaceuticals. These sectors are expected to add significant value to the manufacturing industry by 2030.
Four Key Missions
The plan outlines four missions: innovation, technology adoption, net-zero emissions, and economic security. Trade Minister Tengku Zafrul Abdul Aziz emphasized the importance of integrating small and medium enterprises into global supply chains.
Economic Context
This initiative is part of a series of economic reforms launched by the unity government formed after the 2022 general election. It aligns with the National Energy Transition Roadmap and is expected to be part of the upcoming 2024 Budget.
Conclusion
The NIMP 2030 aims to shape a resilient manufacturing sector for Malaysia, contributing to 23.6% of the country’s GDP and 80% of its total exports. The government aims to provide higher-paying and better-quality jobs through this masterplan.
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