On Friday (1/9), Malaysia’s Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz announced that the federal government will allocate RM8.2 billion ($1.77 billion) to support the implementation of the New Industrial Master Plan 2030 (NIPM 2030).
The ministry said in a press release that the master plan goals to strengthen the manufacturing sector by improving the competitiveness of small and medium-sized enterprises and creating high-skilled jobs.
Malaysian Prime Minister Anwar Ibrahim said the master plan would require a complete investment of about RM95 billion ($20.5 billion). To support the accelerated implementation of this plan and attract investment, his government will contribute roughly 10% of the overall investment required, with a lot of the remainder coming from the private sector, capital markets and financial markets.
He also emphasized that creating high-value employment opportunities plays a vital role in the expansion and expansion of the center class.
Moreover, Tengku Zafrul explained that half of this investment will probably be announced within the 2024 budget, while the opposite half has been allocated earlier. Meanwhile, details will probably be clarified within the near future.
He also said that the preparation of NIMP 2030 involved a series of negotiations and discussions with over 1,000 parties, including various private sector stakeholders.
On policy, he stressed that the federal government is willing to adopt progressive policies that may have a positive impact on local businesses, especially small and medium-sized enterprises (SMEs).
The master plan features a goal to extend the worth of the manufacturing sector by 6.5%. inside seven years and a projected increase in employment within the sector by 2.3%. from 2023
