Next month, MITI will launch the New Industrial Master Plan 2030 (NIMP 2030) which is a comprehensive policy framework that includes missions, priorities, and action plans in transforming Malaysia’s manufacturing sector.
This transformation aims to create a new source of wealth for the country by increasing the complexity of the economy, driving sustainable economic growth, providing quality employment opportunities while improving the people’s standard of living.
Investment, Trade and Industry Minister (MITI) Tengku Datuk Seri Zafrul Abdul Aziz said the plan has also taken into account Malaysia’s commitment to achieving zero carbon emissions by 2050 and the Sustainable Development Goals 2030.
Speaking at the MITI Day 2023 in Penang today (July 30) he added the ministry will also launch an ESG Framework for the manufacturing sector in September 2023.
‘These two policies complement each other towards mainstreaming ESG practices especially among small and medium enterprises in line with current trends. The country has also recorded approved investments worth RM71.4 billion for the first quarter of 2023, a jump of almost 60 percent compared to the previous year.
“With 1,265 new projects approved, it is expected that a total of 23,977 new job opportunities across the country’s manufacturing, service and primary sectors will be created that will benefit local people. The investment performance which remains encouraging is influenced by various factors.”
Zafrul said these include Malaysia’s strategic location, the availability of talent with good command of English, progressive and business-friendly policies and regulations, integration into the international economic network and a mature (established) industrial ecosystem, for example the E&E cluster in Penang.
Economic diversification implemented by the government as a growth strategy is seen to be able to help the country face challenges and uncertainties at the global level effectively.
The government is constantly monitoring developments at the global level, which certainly has some effect on Malaysia as a trading country.
He expressed that the MITI Day program is a good platform to channel various types of information and services that benefit the people. Based on the fundamental of Malaysia MADANI, this MITI Day program provides information to individuals and businesses on opportunities to expand operations either domestically and globally, explore job opportunities, obtain financial assistance to start a business, participate in industry training and attend upskilling and reskilling courses.
There are various types of exhibitions consisting of Industry and Trade Exhibitions, Career Exhibitions, SME and Government Services Exhibitions, Automotive Exhibitions, Pocket Talks sessions and so on. I am pleased to invite all guests to stop by the booth and exhibition counter provided by MITI and agencies. Use this opportunity to get more information related to MITI’s role and services.
On the venue this year, the Minister said MITI is always ready to cooperate with the Penang State Government in continuing to strengthen the potential and advantages of the state. The event was hosted by the Malaysia Productivity Corporation (MPC) and Halal Development Corporation (HDC) as co-hosts today and PERDA Ventures as location providers.
The MITI open day program or also known as MITI Day is held every year and this year it is planned to be held in three (3) states namely Selangor and Negeri Sembilan, apart from Penang today.
