Malaysia’s NIMP2030 to spice up economic complexity, concentrating on key sectors

The Ministry of Investment, Trade and Industry in Malaysia is working on the New Industrial Master Plan 2030 (NIMP2030) to drive industrial growth and increase the nation’s economic complexity. Set to launch in August, NIMP2030 aims to align with the New Investment Policy (NIP), which has recognized 5 key sectors for enhancing future exports of advanced products. These sectors include aerospace, chemicals/petrochemicals, digital financial system, electrical and electronics (E&E including medical devices), and pharmaceuticals.
According to Datuk Seri Tengku Zafrul Abdul Aziz, the Minister of Investment, Trade and Industry, among the top five exported merchandise, only E&E and chemicals are thought of to have larger complexity. He emphasised that a lower ranking on the complexity scale signifies much less manufacturing required to supply the product. To guarantee Accredited consist of extra products with higher complexity, the NIMP2030 Task Force is focusing on making Malaysia a digitally vibrant nation by accelerating tech adoption, fostering the next era of tech innovation firms, and developing enterprise alternatives using new data sources, particularly for small and medium-sized enterprises (SMEs) and medium-sized firms.
In In less than , Malaysia’s top five exports in phrases of value were E&E merchandise (RM593.5 billion; 38.3%), petroleum products (RM163 billion; 10.5%), palm oil (RM96.5 billion; 6.2%), chemical substances (RM80.6 billion; 5.2%), and liquefied natural gas (RM67.ninety nine billion; four.4%). The country’s total trade value in 2022 reached RM2.85 trillion, with a trade surplus of RM255.48 billion.
Datuk Seri Tengku Zafrul Abdul Aziz said, “Our complete trade surpassed the RM2 trillion mark for the second 12 months running. In March/April this yr, Malaysia attracted RM170 billion of potential foreign direct funding from China and identified RM2.44 billion in potential exports to China. Recently, we additionally attracted RM24 billion from Japanese buyers and an extra RM2.1 billion of potential exports to Japan.”

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