The Malaysia Australia Business Council (MABC) is ready to collaborate with relevant Malaysian ministries and institutions to contribute to the New Industrial Master Plan 2023 (NIMP 2030) by facilitating bilateral trade, technology and knowledge transfer, investor engagement, skills and workforce development and sustainability and environmental initiatives.
The council said it intends to play a pivotal role within the NIMP 2030 framework, aiming to utilise MABC expertise, networks, and resources to boost foreign direct investment (FDI) growth and support the nine mission-based projects and enabler approaches crucial for the master plan’s success.
“NIMP 2030 holds potential for Malaysia and Australia. MABC looks forward to collaborating closely with the government to contribute to its success,” it said in a statement today.
MABC added that it is keen to contribute to ‘Mission 1’, which focuses on advancing economic complexity through collaboration and trade partnerships.
Under Mission 1 of the master plan, industries will be encouraged to innovate and produce more sophisticated products to enhance the nation’s competitiveness in the global market.
“MABC will act as a conduit for exchanging technological expertise and knowledge between Malaysian and Australian companies. This will aid Malaysia’s progress in ‘Mission 2’, where technology adoption and innovation are key goals.
“Leveraging Australia’s experience in adopting cutting-edge technologies, advanced materials, and rare earth, MABC seeks to accelerate tech adoption and digitalisation in various sectors.”
MABC added that it planned to engage with potential Australian investors interested in contributing to the growth of industries highlighted in NIMP 2030, facilitating dialogues and networking opportunities to attract FDI, aligning with the ‘Investor One-Stop Portal’ concept within the master plan.
MABC also aimed to streamline the process for Australian businesses looking to establish themselves in Malaysia.
Recognising the significance of sustainability, the council has also committed to ‘Mission 3’, aiming to facilitate investment from Australian companies into Malaysia’s renewable energy sector, capitalising on Australia’s rapid growth in this field.
“By connecting businesses with Malaysian government resources and aiding in establishing operations, MABC seeks to support both nations in achieving their climate goals by 2050,” it added.