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The government has recently announced the launch of the New Industrial Master Plan 2030 (NIMP 2030).
The plan was launched by the Prime Minister Dato’ Seri Anwar Ibrahim, at the Ministry of Investment, Trade & Industry (MITI).
The NIMP 2030 marks the fourth edition of the industrial master plan (IMP) and is noted for having a remarkably different mission-based approach compared to earlier IMPs. This iteration is set to transform Malaysia’s manufacturing sector by ensuring broad-based growth, in alignment with the MADANI Economy’s vision and objectives.
NIMP 2030 intends to build Malaysia’s industrial capacity and resilience for long-term, sustainable growth. It will do so through the implementation of strategies such as increasing economic complexity, strengthening domestic industrial linkages, and positioning Malaysian industries higher in the global value chain.
“The manufacturing sector serves as a key engine of growth to drive the nation’s next phase of economic expansion. As such, we need an industrial master plan that would shape a more robust manufacturing sector to generate broad-based benefits for multiple stakeholders in the country,” said YB Senator Tengku Datuk Seri Utama Zafrul Aziz, Minister of Investment, Trade and Industry.
“Our goals include enhancing SMEs’ competitiveness to enable them to integrate into global supply chains. Equally important, is the Rakyat, whom we aim to provide with higher-paying and better-quality jobs. Through this industrial transformation, we are committed to rebuild our middle-class, ensuring that key stakeholders can also thrive in our prosperous future,” he added.
Growth through 6 key goals
NIMP 2030 aims to deliver an accelerated and holistic broad-based growth for the nation through six key goals. These include objectives such as increasing economic complexity, creating high-value job opportunities, extending domestic linkages, developing new and existing clusters, improving inclusivity, and enhancing ESG practices, targeting impactful outcomes include diversification of the economy, improved global competitiveness through more complex products for export, and higher wages for manufacturing sector employees.
Through its Mission-based Approach, the NIMP 2030 has identified four key Missions:
Mission 1: Advance economic complexity
Mission 2: Tech up for a digitally vibrant nation
Mission 3: Push for Net Zero
Mission 4: Safeguard economic security and inclusivity
These Missions will be supported by four Enablers to achieve the NIMP 2030 Goals:
Enabler 1: Mobilise financing ecosystem
Enabler 2: Foster talent development and attraction
Enabler 3: Strengthen best-in-class investor journey for ease of doing business
Enabler 4: Introduce whole-of-nation governance framework
9 Mission projects will be the key catalysts
Nine mission based projects (MBP) were also identified as being the key catalysts that will help drive the IMP’s initial momentum. These MBPs were carefully hand-selected and rigorously evaluated to ensure that they have the stature to rally the whole industry, and the necessary capacity to scale up to create impactful spillovers, particularly via the inclusion of SMEs.
SMEs have a significant role, acting as key suppliers of local content, providing value in supply chains and contributing to overall industrial development. The NIMP 2030 will develop SMEs by, among others, building their capacity to participate in higher value-added opportunities, as well as technology adoption to increase productivity and reduce reliance on low-skilled labour.
PM to chair the national NIMP 2030 council
The NIMP 2030 will be implemented through a whole-of-nation approach with a comprehensive governance structure and monitoring mechanism. The Prime Minister himself will be chairing the National NIMP 2030 Council, comprising representatives from other Ministries, the industry and other agencies, to ensure the masterplan’s successful nationwide implementation. A dedicated Delivery Management Unit (DMU) will be established in MITI to monitor the progress of NIMP 2030.
A total of RM8.2 billion is being put aside by the government to fund the NIMP 2030 action plans throughout the implementation period. To that end, two new funds will be set up to support the plan. These are the NIMP Industrial Development Fund and the NIMP Strategic Co-Investment Fund. Other incentives will be announced during the tabling of Budget 2024.
