MIDA’s Strategic Role in NIMP 2030 to Attract High-Value, Quality Investments
17 Apr 2024
As a linchpin in advancing Malaysia’s economic development, the Malaysian Investment Development Authority (MIDA) is strategically driving top-tier investments into the nation.
Amid shifting global economic landscapes that challenge conventional resilience and supply chain strategies, MIDA distinctively aligns its efforts with the ambitious New Industrial Master Plan (NIMP) 2030, aiming to foster a complex and sustainable economic structure.
Under the visionary leadership of MIDA chief executive officer Datuk Arham Abdul Rahman, the organisation has dynamically crafted and pursued a strategy to secure high-value investments.
Concentrating on pivotal sectors such as aerospace, electrical and electronics (E&E), specialty chemicals, pharmaceuticals, medical devices, and the fast-evolving electric vehicle industry, MIDA is setting the stage for Malaysia to emerge as a global industrial powerhouse.
“Each sector is integral to our comprehensive strategy, positioning Malaysia as a competitive player in the global industrial arena,” Arham emphasised.
Strategic Impact of the Delivery Management Office
Highlighting its comprehensive role, MIDA is directly involved in 36 of the 62 action plans outlined in the NIMP 2030.
Given this extensive involvement, he said it was essential to establish an internally structured unit, known as the Delivery Management Office, that is dedicated to coordinating, monitoring, and reporting on the implementation of these action plans under MIDA’s purview.
This structured approach underscores MIDA’s commitment to ensuring effective and efficient execution of its strategic objectives, of which key roles include coordinating efforts across governmental and industrial sectors, monitoring progress, and ensuring effective communication of updates.
Arham said MIDA’s influence on Malaysia’s investment landscape is profound.
Through the development of conducive policies and attractive incentives, it has successfully lured significant investments into its targeted sectors, he added.
In 2023 alone, Malaysia saw a surge in investments, drawing RM329.5 billion across services, manufacturing, and primary sectors — an impressive 23.0 per cent increase from the previous year.
The E&E industry, particularly, has seen substantial growth, driven by MIDA’s strategic focus.
In 2023, notable E&E projects included significant expansions by companies like Infineon and X-Fab, which contributed to the highest-ever recorded investment figures in this sector.
“Our focus on the E&E sector not only caters to current global demands but also strategically positions Malaysia in the high-tech industrial space,” said Arham, who is retiring today.
Navigating Global Economic Uncertainties
Despite prevailing global economic uncertainties, MIDA’s strategies are deftly crafted to leverage these conditions to the country’s advantage.
“We don’t just react to global trends; we anticipate them to ensure Malaysia remains at the forefront,” Arham asserted.
These strategies include the integration of digital technologies and bolstering international collaborations, aligning with global innovation and investment patterns, he added.
The Malaysian government has already invested huge resources into becoming more digitally-focused while encouraging companies, particularly small and medium enterprises, to do the same.
“Our country is ahead of the curve on its digitalisation roadmap.
“Having a plan is one thing; executing it should go hand in hand. As such, with ongoing government support and international collaboration, we are poised to achieve the ambitious objectives
outlined in NIMP 2030,” said Arham.
As these strategic initiatives unfold, MIDA is steering Malaysia towards becoming a global leader in high-value industries, marking a significant stride in the nation’s economic development trajectory.
Source: Bernama
