MITI reviewing New Industrial Master Plan 2030 to boost industrial development

The Ministry of International Trade and Industry (MITI) has decided to review the New Industrial Master Plan 2030 (NIMP 2030) to propel industrial development and help Malaysia to achieve high-income status.

In a statement on 23rd February, the ministry said the review would be undertaken by a special task force to be chaired by International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, with Deputy International Trade and Industry Minister Liew Chin Tong as the alternate chair.

“The secretariat for this task force will be led by the secretary general of the ministry,” it said. 

The task force’s first meeting was held on 23rd February, and the revised NIMP 2030 is expected to be completed in the third quarter of 2023. 

According to the ministry, the reviewed NIMP 2030 would articulate a set of comprehensive strategies and action plans to ensure synergies at both the policy and industry levels, particularly in creating supportive ecosystems to help catalyse Malaysia’s industrial development into the future.

“Post review, the NIMP 2030 will be the main reference document in charting the future of Malaysia’s industrial development until 2030,” it said. 

The ministry also said that the task force consists of subject matter experts in various fields, including economics, industry development, business, finance, investments, corporate strategy and planning, productivity improvement and talent development.

“It is mandated to deliberate on key issues, such as overall structural reforms, enhancing the nation’s economic complexity, creating the right ecosystems for targeted industries, as well as building small and medium enterprises’ capacity for embracing environmental, social and governance principles to prepare them for global market demands,” it said.

The ministry noted that recommendations to improve the NIMP 2030 are expected to ensure an agile, comprehensive policy aligned with the unity government’s Malaysia Madani concept, the nation’s 2050 net-zero carbon objective, and key policies of the ministry, such as the National Investment Aspirations, National Investment Policy and Industry4WRD.