Anwar unveils RM95b New Industrial Master Plan

The New Industrial Master Plan (NIMP), meant to transform the country’s industrial sector by 2030, is expected to require an estimated total investment of RM95 billion, said Prime Minister Anwar Ibrahim.

At the launch of the NIMP in Kuala Lumpur today, Anwar said the RM95 billion investment will mainly come from the private sector while the government will provide about 10 percent of the funds.

“The government is fully committed to supporting the implementation of the NIMP 2030.

“It will require an estimated total investment of RM95 billion through its seven years, predominantly from the private sector mobilised from private equity, capital and financial markets.

“Close to 10 percent will be allocated by the government to help catalyse and incentivise these investments via the NIMP Industrial Development Fund and the NIMP Strategic Co-investment Fund,” he said in his speech at the launch.

Cooperation between the public and private sectors is necessary to convert the NIMP into tangible actions and measurable outcomes, he added.

He said that a dedicated National NIMP 2030 Council will be formed which will involve the participation of relevant ministries and industry representatives.

The NIMP will also focus on improving the lives of the rakyat such as by uplifting and expanding the middle-class society amid the changing global industry landscape, Anwar said.

“Skills transformation is key to develop future competencies and this has been set as a focus of our industrial strategy.

“To meet industry’s demands, we will implement a progressive wage system that promotes skill development and career advancement,” he said.

Small and medium enterprises (SMEs) will also be given opportunities to grow in manufacturing under the NIMP, as Anwar said SMEs in manufacturing currently contribute only eight percent to the national GDP and nine percent to exports.

“There is a lot of potential to grow our SMEs in manufacturing, in line with our Ekonomi Madani aspiration to strengthen firms of all sizes.

“The NIMP 2030 has, for example, specific action plans to build SMEs’ capacities to enable them to be positioned higher in global value chains. This, in turn, will help them scale up into mid-tier companies that could help Malaysia earn more foreign exchange earnings,” he said. - Mkini