The Ministry of Investment, Trade and Industry (MITI) today (Aug 4) launched the Chemical Industry Roadmap 2030 (CIR2030) to elevate the industry in terms of specialisation and sophistication, with sustainability as the core principle.
It is also aimed at enhancing the contribution of the chemical sector to the Malaysian economy by increasing the industry’s value-add, enhancing industry integration, as well as improving global competitiveness and sustainability in production.
Minister of Investment, Trade & Industry Tengku Datuk Seri Utama Zafrul Aziz said, in a statement, “The chemical industry has experienced a substantial shift catalysed by key global megatrends, changes in demand patterns, and the growing focus on ESG. The CIR2030 was crafted to address these major challenges, to help the industry adapt and remain globally competitive.
“This is where a clear roadmap is key towards increasing the Gross Value Add (GVA) of the industry to the overall economy from 3.4% today to more than 4.5% by 2030, or approximately RM40 billion in added-value. We are also targeting for our chemical industry to be ranked first in ASEAN in terms of FDI inflow by 2030. In short, CIR2030 is key towards providing a sustainable growth path for the industry,”
The CIR2030 was developed by MITI, in collaboration with the Malaysian Investment Development Authority (MIDA), PETRONAS, the Chemical Industries Council of Malaysia (CICM) and industry stakeholders.
It outlines 5 aspirations, 22 strategic focus areas, and 10 key enablers for Malaysia to transform the chemical industry landscape over the next seven years. Eleven priority segments have been identified in base chemicals and intermediates; plastics and polymers; and specialty chemicals, where targeted investments, industrial development and export programmes will be enhanced to support the CIR2030 implementation.
The chemical industry is among Malaysia’s most valuable strategic industries, contributing 6% to GDP in 2022, and employing almost 293,000 workers, or 12.5% of the 2.6 million total manufacturing employment. The chemical and petrochemical sector alone is the third-largest contributor to Malaysia’s trade of manufactured goods with strong forward linkages to other sectors such as E&E, automotive, agriculture, and pharmaceutical.
The CIR2030 is set to complement the New Industrial Master Plan 2030 (NIMP 2030) to be launched also in this month. Within the NIMP 2030, the Chemical, Petroleum Products and Petrochemicals sectors are provided for via several action plans that are all aligned to NIMP’s four missions, including a specific focus on deepening our specialty chemical verticals.
In conjunction with the CIR2030 launch, MITI Minister also presented awards to 22 companies for CICM’s Responsible Care Programme, which recognises signatories that have made the most progress in implementing the Responsible Care’s Codes of Management Practices in their respective organisations.
