Illustrative image (Photo: https://thethaiger.com/) Kuala Lumpur (VNA) – Malaysia can achieve a shift towards higher-value manufacturing if the country has political commitment and collaboration between the public and private sectors, according to Malaysian Deputy Minister of Investment, Trade and Industry Liew Chin Tong.
Many investors are relocating from China to Southeast Asia and this presents a golden opportunity for Malaysia to revive its economy, Tong said when winding the debate on the New Industrial Master Plan 2030 (NIMP 2030) at the parliament on September 18.
The four missions outlined in NIMP 2030 include advancing economic complexity, enhancing technology for a digital nation, moving towards “Net Zero” emissions, and ensuring economic security and inclusivity.
These missions need to be implemented simultaneously so that the Southeast Asian country could transition to producing higher-value products, thus paying higher salaries to local labourers, the official said.
The National Council for NIMP 2030 will be responsible for driving strategic directions, monitoring, coordination, and implementing action plans while a Delivery Management Unit (DMU) will be established in the Ministry of Investment, Trade and Industry (MITI) to coordinate administrative matters related to monitoring and evaluating NIMP 2030, he said.
NIMP 2030 aims to promote the country’s economic growth, especially in the manufacturing sector, where the value-added by the manufacturing sector to gross domestic product (GDP) is expected to increase to 587.5 billion RM (over 125.15 billion USD) by 2030 through this plan./.
