Tengku Zafrul: First-year target of NIMP 2030 is attainable
21 Oct 2024
The Ministry of Investment, Trade, and Industry (MITI) is confident that it can achieve the primary targets set for the first year of the New Industrial Master Plan (NIMP) 2030, according to Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He noted that this confidence stems from the fact that three key targets have already shown impressive progress.
“Based on NIMP 2030, launched on Sept 1, 2023, the value-added contribution of the manufacturing sector to the gross domestic product (GDP) has increased by 4.7 per cent, amounting to RM4.2 billion.
“Employment numbers have also risen by 0.9 per cent or 200,000 workers, as of the second quarter of 2024 (2Q24), compared to 2Q23.
“Additionally, the median salary in the manufacturing sector increased by 8.2 per cent or RM201, as of 1Q24, year-on-year.
“Almost all key performance indicators (KPIs) for 2024 have met their targets,” he told reporters after presenting MITI’s 3Q24 report card today.
However, the minister noted that there is still much work to be done.
He said while five years remain, time is running short, and the economic environment is becoming more challenging.
Under NIMP 2030, MITI aims to achieve a value-added contribution of RM587.5 billion from the manufacturing sector, create 3.3 million job opportunities, and raise the median salary to RM4,510 by 2030.
According to MITI’s 3Q24 report card, Malaysia has approved RM6.2 billion in green investments through the Malaysian Investment Development Authority (MIDA) in the first half of 2024 (1H24), focusing on renewable energy, energy efficiency, and circular economy initiatives.
This effort has resulted in 436 projects, creating 3,843 jobs, with 82.1 per cent already implemented.
MITI also noted that domestic investments have shown promise with significant projects like Asiabina Solar Sdn Bhd investing RM200.4 million in a solar project in Parit Buntar.
Foreign investments include a new semiconductor manufacturing facility by Silware Precision Malaysia Sdn Bhd in Penang, projected to create around 3,000 jobs.
The ministry also said Malaysia’s trade performance has been robust, with total trade reaching RM2.139 trillion from Jan to Sept 2024.
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 (MIHAS) have generated significant sales, while the Export Day 2024 reported that 50.63 per cent of companies were actively engaged in exports.
Additionally, regulatory reforms across 27 ministries have led to cost savings of RM561.5 million for businesses.
Meanwhile, Tengku Zafrul said his ministry welcomes the 2025 Budget allocation, which reflects the government’s commitment to strengthening the national economy through strategic investment, industrial, and trade initiatives.
He noted that the budget allocation for MITI was higher than in 2024, with a total of RM2.18 billion allocated to the ministry for 2025.
“MITI is committed to ensuring that every cent of the allocated funds is utilised optimally for the well-being of the people and the economic development of the country,” he said.
Source: NST
