More than 10,000 job to be created with industrial cluster development – MITI
17 Oct 2024
The Investment, Trade and Industry Ministry (MITI) expects 10,380 job opportunities to be created via an industrial cluster development in the central region comprising the Federal Territory of Kuala Lumpur, Selangor, Negeri Sembilan and Melaka.
According to MITI, this initiative will raise several macroeconomic measures, including the collective central region’s achievement in 2023, with a RM754.2 billion contribution to the gross domestic product (GDP), and an estimated annual increase of RM24.5 billion from 2025 to 2030.
According to MITI, the central region’s 2023 gross estimated rise in average investment was RM7.57 billion and this is expected to increase by RM12.5 billion for the 2025-2030 period.
Earlier, Prime Minister Datuk Seri Anwar Ibrahim chaired an Oct 16 2024 National Investment Council meeting which agreed to take an industrial cluster development approach in line with the objectives of the New Industrial Master Plan 2030 (NIMP 2030).
Meanwhile, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said in a statement that the strategic initiative aims to strengthen Malaysia as an investment, manufacturing and service hub for several focus sectors.
The central region has a high concentration of electrical and electronic, aerospace, pharmaceutical and food technology sectors and the government is determined to develop a targeted industrial cluster, starting with the central region, based on its existing strengths.
“We do not need to create a corridor authority or add new financial burdens on the Federal Government, thus saving administrative costs and fiscal allocations.
“Additionally, we will also be able to leverage existing incentives,” he said.
Tengku Zafrul is also confident that the industrial cluster approach will attract additional investments, create new job opportunities, improve the local economy, and promote fair and inclusive growth with close coordination between MITI, ministries and agencies, and state governments.
This high-performance industrial cluster development model has successfully been implemented in several developed countries.
MITI will ensure whole-of-nation efforts and use best global practices when implementing this initiative, he said.
Source: Bernama
