On Friday (1/9), Malaysia's Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, announced that the government will allocate RM8.2 billion (US$1.77 billion) to support the implementation of the New Industrial Master Plan 2030 (NIPM 2030).
The master plan aims to strengthen the manufacturing sector by improving the competitiveness of small and medium enterprises and creating high-skilled jobs, the ministry said in a statement.
Malaysian Prime Minister Anwar Ibrahim said the master plan will require a total investment of about RM95 billion ($20.5 billion). To support the accelerated implementation of this plan and to attract investment, his government will contribute about 10% of the total investment required, while most of the rest will come from the private sector, capital markets and financial markets.
He also emphasized that the creation of these high-value employment opportunities plays an important role in the growth and expansion of the middle class.
Furthermore, Tengku Zafrul explained that half of this investment will be announced in the 2024 Budget, while the other half has been allocated earlier. Meanwhile, the details will be explained in the near future.
He also said that the preparation of NIMP 2030 involved a series of negotiations and discussions with more than 1,000 parties, including various stakeholders from the private sector.
In terms of policies, he stressed that the government is willing to adopt progressive policies that can have a positive impact on local businesses, especially small and medium enterprises (SMEs).
The master plan includes a target to increase the value of the manufacturing sector by 6.5 percent in seven years, as well as a projected employment growth in the sector of 2.3 percent from 2023.