The Ministry of International Trade and Industry (MITI) arrived at a decision to review the New Industrial Master Plan 2030 (NIMP 2030) in the face of external headwinds in the form of challenges and uncertainties caused by the adverse post-pandemic impact on the Malaysian economy, which include global geopolitical sentiments that could result in a trade war, rapid technological advancements, and the threat of climate change.
The reviewed NIMP 2030 will articulate a set of comprehensive strategies and action plans to ensure synergies at both the policy and industry level, particularly in creating supportive ecosystems to help catalyse Malaysia’s industrial development into the future, the ministry said in a statement today (Feb 23).
Post-review, NIMP 2030 will be the main reference document in charting the future of Malaysia’s industrial development until the year 2030.
The review will be undertaken by a special Task Force, which will be chaired by the Minister of International Trade and Industry, with the Deputy Minister as the alternate chair.
The Secretariat for this Task Force will be led by the Secretary General of MITI.
The task force consists of subject matter experts in various fields including economics, industry development, business, finance, investments, corporate strategy and planning, productivity improvement and talent development.
The task force is mandated to deliberate on key issues such as overall structural reforms, enhancing the nation’s economic complexity, creating the right ecosystems for targeted industries, as well as building SMEs’ capacity for embracing environmental, social and governance (ESG) principles to prepare them for global market demands.
Recommendations to improve the NIMP 2030 are expected to ensure an agile, comprehensive policy that is aligned with the Unity Government’s MADANI concept, the nation’s 2050 net-zero carbon objective, and key MITI policies such as the National Investment Aspiration (NIA), National Investment Policy (NIP) and Industry4WRD.
The first Task Force meeting was held on 23 February 2023, and the revised NIMP is expected to be completed in the third quarter of 2023.
