Ministry Confident of Hitting Main Targets
22 Oct 2024
Almost all KPIs have been met but there is still much work to be done, says Zafrul
THE Investment, Trade and Industry Ministry is confident that it can achieve the primary targets set for the first year of the New Industrial Master Plan (NIMP) 2030.
Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said this stemmed from the fact that three key targets had shown impressive progress since last year.
“Based on the NIMP 2030 launched on Sept 1 last year, the value-added contribution of the manufacturing sector to the gross domestic product has increased by 4.7 per cent, amounting to RM4.2 billion.
“Employment has also risen by 0.9 per cent, or 200,000 workers, as of the second quarter of this year compared to the same quarter last year. Additionally, the median salary in the manufacturing sector increased by 8.2 per cent, or RM201, as of the first quarter, year-on-year.
“Almost all key performance indicators (KPIs) for 2024 have been met,” he said after presenting the ministry’s third quarter report card yesterday.
However, Tengku Zafrul said there was still much work to be done.
He said time was running short and the economic environment was becoming more challenging.
Under NIMP 2030, the ministry aims to achieve a value-added contribution of RM587.5 billion from the manufacturing sector, create 3.3 million jobs and raise the median salary to RM4,510.
According to the report card, Malaysia approved RM6.2 billion in green investments through the Malaysian Investment Development Authority in the first half, focusing on renewable energy, energy efficiency and circular economy initiatives.
The effort resulted in 436 projects that would create 3,843 jobs, with 82.1 per cent already implemented.
The ministry also said domestic investments had shown promise with significant projects like Asiabina Solar Sdn Bhd investing RM200.4 million in a solar project in Parit Buntar, Perak.
Foreign investments include a new semiconductor manufacturing facility by Silware Precision Malaysia Sdn Bhd in Penang projected to create 3,000 jobs.
The ministry also said trade performance was robust, with total trade reaching RM2.139 trillion from January to September.
This included RM1.115 trillion in exports and RM1.024 trillion in imports, resulting in a trade surplus of RM91.21 billion.
Notable trade initiatives like the Malaysia International Halal Showcase generated significant sales.
Additionally, regulatory reforms across 27 ministries led to cost savings of RM561.5 million for businesses.
Source: The Star
