The New Industrial Master Plan 2030 (NIMP 2030) is a comprehensive, nationwide, multisectoral strategy designed to establish Malaysia as a global leader in industrial development. Its primary intent is to strengthen Malaysia's position in the global value chain and extend domestic linkages to generate wealth across the nation through manufacturing activities. This plan recognizes that achieving international sustainability commitments, including the aspiration for Net Zero carbon emissions by 2050, necessitates a strategic reconfiguration across all economic sectors, with manufacturing playing a crucial role. Furthermore, the NIMP 2030 emphasizes the need for balanced regional development as a prerequisite for safeguarding economic security and promoting national inclusivity. The document sets forth six main goals (i) increase economic complexity; (ii) create high-value job opportunities; (iii) extend domestic linkages; (iv) develop new and existing clusters; (v) Improve Inclusivity; and (vi) enhance ESG practices. The NIMP 2030 is structured around 4 key missions rather than focusing solely on sectors (1) Advance economic complexity, by encouraging high-growth industries to innovate and produce more sophisticated products, thereby enhancing global competitiveness. (2) Tech up for a digitally vibrant nation, which involves driving whole-of-nation digital transformation to enhance labor productivity and unlock opportunities in digital frontier technologies. (3) Push for Net Zero, underscoring the commitment to climate change by striving for a Net Zero future through sustainable and green initiatives to build a resilient, environmentally friendly economy. (4) Safeguard economic security and inclusivity, aiming to build resilience against global shocks and geopolitical tensions. This also involves creating an enabling environment that supports entrepreneurship, SMEs, and equitable economic participation to narrow disparities between states. Attracting high-tech, innovation-driven investments, particularly in green manufacturing and renewables, will support ESG goals and ensure export access to ESG-sensitive markets. Finally, 4 core enablers are outlined to facilitate the achievement of these goals (1) Mobilise financing ecosystem; (2) Foster talent development and attraction; (3) Establish best-in-class investor journey to ensure ease of doing business; and (4) Introduce a whole-of-nation governance framework. The NIMP 2030 will be executed via a whole-of-nation approach, requiring collaboration between the government machinery and the private sector to achieve the common goal of positioning Malaysia as a high-income economy with enhanced economic complexity. Implementation is structured in two distinct phases (i) Phase 1 (Starting 2023), focused on strengthening the existing industrial foundation to prepare Malaysia for its "second take-off"; (ii) Phase 2 (2027–2030), shifting to sustaining growth and economic resilience, fully capitalizing on opportunities to develop an advanced economy while prioritizing the sustainability agenda.
Malaysia · 2023-01-01