The government is fully committed to supporting the implementation of the New Industrial Masterplan 2030 (NIMP 2030), which requires an estimated total investment of RM95 billion through its seven years.
Prime Minister Datuk Seri Anwar Ibrahim said at the plan’s launch in Kuala Lumpur on Thursday (Sept 1) that the investment will be mainly from the private sector, mobilised from private equity, capital and financial markets.
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Prime Minister Datuk Seri Anwar Ibrahim said at the plan’s launch in Kuala Lumpur on Thursday (Sept 1) that the investment will be mainly from the private sector, mobilised from private equity, capital and financial markets.
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NewsTranscript
00:00 [Applause]
00:06 The new industrial master plan 2030, or NIP 2030,
00:13 is a key component of economic management,
00:16 as it will support the realization of economic reforms.
00:21 It will revitalize the manufacturing sector
00:25 to ensure Malaysia remains resilient amidst growing challenges and mega-trends.
00:33 The NIP is designed to drive Malaysia's trajectory
00:39 as a global leader in industrial development,
00:42 extend the domestic linkages to create wealth across the nation,
00:48 as well as strengthen its position in the global value chain.
00:54 The plan is timely to expedite the transformation of industrial Malaysia,
00:59 aligning them with the country's vision.
01:03 The manufacturing sector stands as a pivotal force
01:07 to propel Malaysia's economic growth and development,
01:11 being a significant contributor to the nation's GDP,
01:16 providing employment for 2.7 million individuals.
01:22 We must therefore seize the opportunity to expand our base,
01:27 as Malaysia is now well positioned to capitalize on three global trends.
01:35 Firstly, the global geopolitical situation
01:40 has driven companies to turn to South Asia as their plus-one destination
01:46 to ensure economic security and supply chain resilience.
01:52 This unlocks opportunities for Malaysia to further integrate into the global value chain.
01:58 We can leverage on our mature industrial infrastructure
02:04 with good connectivity, strategic location, and reputation
02:09 as one of the top destinations for innovation and growing business.
02:15 Secondly, we need to accelerate our digitalization efforts
02:20 to stay ahead in the post-pandemic era,
02:24 as well as set up efforts to develop high-skilled talent and enhance T-bank programs.
02:31 These initiatives will empower the Malaysian workforce
02:35 to enhance efficiency and accelerate innovative capability,
02:40 thereby creating a larger pool of skilled human capital for the nation.
02:46 And thirdly, in facing the challenges of climate change,
02:53 we need to adopt sustainable practices,
02:56 especially the ESG-sensitive markets,
03:01 to create new growth opportunities in green manufacturing,
03:06 electric vehicles, and carbon capture, utilization, and storage systems.
03:14 Ladies and gentlemen,
03:17 unlike the previous industrial transformations and three industrial master plans since 1986,
03:25 as alluded to by Tuguzahar,
03:28 the NIFP 2030 adopts a mission-based approach.
03:34 A departure from the central approach of the past.
03:38 It is a horizontal policy with well-defined missions
03:42 that will galvanize not only the entire manufacturing ecosystem,
03:47 but also the whole of the nation to drive industrial transformation and realize our mission.
03:56 With a short window of seven years,
03:59 the NIFP 2030 must take a transformative and expeditious approach to achieve the goals.
04:09 Based on rigorous assessment and extensive consultations,
04:14 four missions have been formulated to drive industrial transformation at a large scale.
04:23 Mission 1 is to advance economic complexity
04:28 where industries will be encouraged to innovate and produce more sophisticated products.
04:35 This will enhance the competitiveness of our nation in the global market.
04:40 Mission 2 is to take up more digitally viable innovation.
04:46 By embracing technology and digital transformation,
04:49 we can drive innovation, enhance productivity, and create new opportunities for economic growth.
04:57 Mission 3 is to push for net zero.
05:01 This mission emphasizes our commitment to address climate change by striving for a net zero future.
05:10 Through sustainable practices and green initiatives,
05:15 we aim to reduce carbon emissions and build a resilient and environmentally friendly economy.
05:23 This mission is aligned with initiatives under the National Energy Transition Roadmap and the ARD, which I recently launched.
05:36 Mission 4 is to safeguard economic security and inclusivity.
05:44 This mission aims to create an enabling environment that ensures supply chain security, supports SMEs,
05:54 and promotes equitable participation in economic activities in all states.
06:01 These missions will be supported by 40 enablers to overcome systemic and institutional challenges.
06:10 These enablers include addressing the next challenges, nurturing talent development and acquisition,
06:19 improving the investment journey, and enhancing governance mechanisms.
06:26 To provide the impetus for immediate rollout of NIMP implementation,
06:32 several mission-based projects, MBPs, have been identified.
06:40 These ground-running projects are expected to accelerate the development of an inclusive ecosystem
06:49 that integrates SMEs into value chain and ready the entire industry.
06:57 The NIMP will see more MBPs in the near future,
07:04 as we expect the industry to embrace this new approach and realize the benefits it brings to the company
07:12 and the spillovers it creates to the economy.
07:17 It bears stressing the importance of FDIs as they indirectly increase the GDPIs.
07:29 Strategic GDIs also have the potential to attract more FDIs as investors see the GDPIs
07:40 as the benchmark for domestic investors' confidence and commitment towards strengthening the nation's investment and business landscape.
07:55 [ Silence ]