Malaysia to overhaul industrial framework
12 Jun 2023
The Ministry of Investment, International Trade and Industry will work closely with its agencies and key institutions to overhaul Malaysia’s industrial framework.
Its minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted its efforts to nurture small and medium enterprises (SMEs) and enhance their resilience through the upcoming New Industrial Master Plan 2030 (NIMP2030).
Tengku Zafrul said the ministry is re-imagining how it can build the industry’s value-chain and research and development (R&D) capacity to improve the country’s investment, trade and industrial processes.
“We will work on getting both public agencies and private sector companies to tech up, and tech up quickly, safely and appropriately, to foster a more vibrant innovation DNA and future-proof Malaysia’s SMEs,” he said at the launch of Exim Go-Export Financing Programme (GEFP 2023) here today.
Tengku Zafrul said the NIMP2030 will also emphasise the development of a strategic supply chain, the creation of robust industrial clusters as well as empowering halal agro-processing.
SMEs will also feature strongly in all projects in this pillar.
Tengku Zafrul said as part of the policy push to achieve Malaysia’s net-zero targets by 2050 and align with the sustainable development goals (SDGs), the ministry seeks to integrate environmental sustainability into its industrial frameworks and policies.
On this, he said the ministry will also ensure SMEs are part of projects on, for example, renewable energy, low carbon transition, the circular economy as well as carbon capture, utilisation and storage.
“The recently-launched Greening Value Chain Programme with the support of Bank Negara Malaysia and strategic partners, is one good example on how the government ecosystem is incentivizing carbon emission management among our SMEs,” he said.
GEFP 2023, unveiled by the Export-Import Bank of Malaysia Bhd (Exim Bank), provides a holistic financing solution to SMEs and corporates.
Comprising three different products, namely Exim Go-SMEXPORT, Exim’s Go Export Ace and Exim Go Export Greentech, the programme combines government funds and grants with Ecims long-established expertise in providing competitive solutions to export-oriented SMEs and companies.
Exim Bank also formalised its collaboration with Etiqa General Takaful Bhd and Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) through the signing of two memorandums of understanding (MoU).
The first MoU with Etiqa General is to strengthen the cross-selling of general takaful products and financing facilities to promote domestic and export oriented production.
Specifically on the part of the ministry and its agencies, Tengku Zafrul said the GEFP 2023 is a comprehensive, sustainability-driven financing programme designed to help exporters grow and expand their businesses in strategic sectors such as automation, digital tech, green tech and biotechnology.
“This feeds into the three NIMP2030 objectives I just described earlier i.e., on getting our industries to tech-up; on safeguarding economic resilience and on pushing for Malaysia’s net zero target,” he added.
Source: NST
