An Independent Committee has been established to review and realign Malaysia’s Iron and Steel Industry’s strategic direction in alignment with the objectives of the New Industrial Master Plan (NIMP) 2030.
Chaired by Senator Tengku Datuk Seri Utama Zafrul Aziz, Minister of Investment, Trade and Industry (MITI), the Committee held its inaugural meeting on 19 January 2024, attended by Deputy Minister of MITI, YB Liew Chin Tong.
The Committee, appointed by the Minister of MITI based on their knowledge, experience, and expertise, will provide independent reviews of the industry and strategies to propel Malaysia’s Iron and Steel Industry forward.
Dato’ Omar Siddiq, CEO of HSBC Bank Malaysia, has been appointed as the committee’s Chairman, with support from the following members:
- Prof. Dr. Ong Kian Ming, Director of Philosophy, Politics, and Economics Programme, Taylor’s University.
- Datuk Hisham Hamdan, Executive Director of Public Markets Khazanah Nasional Berhad.
- Mr. Yeoh Wee Jin, Secretary-General of South East Asia Iron and Steel Institute (SEAISI).
- Mr. Chen Li-Kai, Senior Partner of McKinsey and Company, Malaysia.
Malaysia Steel Institute (MSI) CEO, Mr. Jarrod Lim Keng Yow has been appointed as the Secretary to the Committee. The Committee has been tasked with presenting a comprehensive study on Malaysia’s Iron and Steel Industry within the next six months.
The committee will play a pivotal role in assessing the short and medium-term outlook for the Iron and Steel Industry, addressing concerns related to overcapacity, providing guidance on policy matters such as green steel production and new product development, promoting exports, and evaluating industry aspects linked to national security.
Tengku Zafrul Aziz emphasised the significance of the Independent Committee, stating, “The establishment of this committee is to ensure the resilience and sustainability of Malaysia’s Iron and Steel Industry. It is crucial for them to explore solutions to help the industry embrace the latest green manufacturing technologies, aligning with Malaysia’s commitment to reduce greenhouse gas emissions by 45% by 2030 and achieve carbon neutrality by 2050. Execution is key, and timing is of the essence. As such, I have requested the Committee to present their comprehensive study on Malaysia’s Iron and Steel Industry within six months.”
This initiative marks a crucial step in fostering the growth and sustainability of the Iron and Steel Industry in Malaysia, ensuring it remains a key player in the nation’s economic landscape.
