Govt targets mineral industry to contribute RM29b in GDP by 2030

 

The government is targeting the mineral industry to contribute RM29 billion to the country’s Gross Domestic Product (GDP) by 2030 and for the industry to be further developed in a sustainable manner, Prime Minister Muhyiddin Yassin announced.

In realising that aspiration, Muhyiddin wants all stakeholders, including the people, to work together to give their best ideas in developing the industry.

“Apart from that, the relevant agencies should also look into encouraging aspects, either financial or non-financial incentives, to support the development of a responsible and sustainable mineral industry,” he said when launching the National Mineral Industry Transformation Plan 2021-2030 today.

Muhyiddin said the mineral industry’s contribution to the 2019 GDP was RM9.9 billion.

“The government is also hoping for strategic collaboration among the relevant quarters to transform the industry so that it would benefit the people’s wellbeing,” he added. 

Muhyiddin, however, was disappointed that the mineral industry was not balanced between the upstream, middle and downstream levels.

Therefore, he said the plan launched today was a new national agenda that will be the main source of reference for all stakeholders to ensure holistic development of the industry.

“In line with the rapid development in the era of the fourth industrial revolution (Industry 4.0), the demand for various types of mineral continues to increase drastically.

“Technology for the future continues to depend on high mineral inputs, including in the manufacture of products to tackle climate change, such as solar panels, windmills, electric vehicles and energy storage,” he said.

Realising that, Muhyiddin said Malaysia, as a country rich in mineral resources, should be wise in positioning itself and taking chances to explore and develop those resources.

“However, this does not mean that the government allows mineral industry activities to be carried out without control. The challenge the world needs to address is managing the industry without causing environmental damage and disruption to life,” he added.

- Bernama