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The New Industrial Master Plan 2030 (NIMP 2030) was recently unveiled by the Prime Minister of Malaysia at the Ministry of Investment, Trade & Industry (MITI), accompanied by the nation’s Deputy Prime Minister (I) and the Minister of Investment, Trade, and Industry along with other government officials and foreign dignitaries.
NIMP 2030, the fourth iteration of the Industrial Master Plan (IMP), introduces a novel mission-driven strategy to revolutionise Malaysia’s manufacturing sector in alignment with the MADANI Economy’s vision. It aims to bolster Malaysia’s ties and capacity and resilience for sustainable, long-term growth by increasing economic complexity, enhancing domestic industrial ties, and elevating Malaysian industries in the global value chain.
The Minister of Investment, Trade and Industry emphasised the manufacturing sector’s pivotal role in driving economic growth. The plan’s objectives encompass strengthening the competitiveness of SMEs for global integration and providing higher-paying, quality jobs to benefit the Malaysian population. This transformation aims to rebuild the middle class and ensure prosperity for all key stakeholders.
NIMP 2030 strives for accelerated and inclusive broad-based growth, focusing on six key goals: enhancing economic complexity, creating high-value job opportunities, expanding domestic linkages, nurturing new and existing industry clusters, improving inclusivity, and promoting ESG (Environmental, Social, and Governance) practices. The expected outcomes include economic diversification, enhanced global competitiveness through more advanced exports, and increased wages for manufacturing sector workers.
The plan adopts a mission-based approach with four central Missions:
- Advancing economic complexity
- Promoting technological advancement for a digitally vibrant nation
- Pursuing a Net Zero agenda
- Safeguarding economic security and inclusivity
These Missions will be supported by four Enablers:
- Mobilising the financing ecosystem
- Fostering talent development and attraction
- Strengthening the investor journey for ease of doing business
- Implementing a comprehensive governance framework
Nine Mission-based Projects (MBPs) have been identified as catalysts for initiating the plan’s implementation. These projects were chosen based on their potential to lead industry-wide change and create substantial spillover effects, particularly through SME involvement. MITI will collaborate closely with the industry to identify additional MBPs as the plan progresses.
SMEs play a vital role by providing local content, contributing value to supply chains, and supporting overall industrial development. NIMP 2030 will empower SMEs by enhancing their capacity to participate in higher value-added opportunities, adopting technology for increased productivity, and reducing reliance on low-skilled labour. The plan will also bolster SMEs’ ESG capabilities to ensure their continued participation in ESG-compliant multinational vendor ecosystems and access to ESG-sensitive export markets.
NIMP 2030 will be executed through a comprehensive whole-of-nation approach, featuring a robust governance structure and monitoring mechanism. The National NIMP 2030 Council, chaired by the Prime Minister and comprising representatives from various ministries, industry stakeholders, and agencies, will oversee nationwide implementation. A dedicated Delivery Management Unit (DMU) will be established in MITI to monitor progress.
The Government has allocated RM8.2 billion to fund NIMP 2030 action plans throughout its implementation. This includes the establishment of two new funds, the NIMP Industrial Development Fund and the NIMP Strategic Co-Investment Fund, with additional incentives to be announced during the Budget 2024 presentation.
