Illustrative image (Photo: https://thethaiger.com/) Kuala Lumpur (VNA) – Malaysia can achieve ashift towards higher-value manufacturing if the country has politicalcommitment and collaboration between the public and private sectors, accordingto Malaysian Deputy Minister of Investment, Trade and Industry Liew Chin Tong.
Many investors are relocating from China toSoutheast Asia and this presents a golden opportunity for Malaysia to reviveits economy, Tong said when winding the debate on the New Industrial MasterPlan 2030 (NIMP 2030) at the parliament on September 18.
The four missions outlined in NIMP 2030 includeadvancing economic complexity, enhancing technology for a digital nation, movingtowards “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 beresponsible for driving strategic directions, monitoring, coordination, andimplementing action plans while a Delivery Management Unit (DMU) will beestablished in the Ministry of Investment, Trade and Industry (MITI)to coordinate administrative matters related to monitoring and evaluating NIMP2030, he said.
NIMP 2030 aims to promote the country’s economicgrowth, especially in the manufacturing sector, where the value-added by themanufacturing sector to gross domestic product (GDP) is expected to increase to587.5 billion RM (over 125.15 billion USD) by 2030 through this plan./.
