MITI: 2030 NIMP enhances industrialisation for Malaysia and countries in the south

MITI: 2030 NIMP enhances industrialisation for Malaysia and countries in the south

27 Nov 2023

The New Industrial Master Plan (NIMP) 2030 aims to enhance industrialisation via a new approach based on four missions, relevant not only to Malaysia but also for countries in the South, said Deputy Investment, Trade and Industry Minister (Miti), Liew Chin Tong.

He explained that the first mission is to increase economic complexity as well as encourage more complex activities than just low-value-added productions in Malaysia and the region.

“The second mission to tech up for a digitally vibrant economy would see the country use a lot more automation, technologies, innovation and digitalisation and the third mission would help achieve the net zero target and countries in the South would have to work and deal with climate change together,” Miti said in a statement today (November 27), citing Liew.

The statement was released in conjunction with Liew’s virtual participation in the Commerce and Industry Ministers’ session during the 2nd Voice of the South Summit hosted by the Ministry of Commerce and Industry India on November 17.

Apart from Malaysia, the session was participated by the commerce and trade ministers from 19 countries, including Chile, Oman, and Uruguay.

Liew said the fourth mission, regarding economic security and inclusivity, is to ensure that economic development, particularly industrialisation would contribute to better wages and job opportunities for the people.

He emphasised that each of the individual countries was unable to handle all the crises without collective actions among countries in the South to find solutions.

“Due to the current unfavourable global economic structure, it is important for countries in the South to ensure economic development in respective nations would contribute to a middle-class society.

“It is a crucial element for market consumption at the domestic and regional levels and increases trade among each other to make the world a better place for everyone,” the statement said, citing Liew.

Source: Bernama