Malaysia’s NIMP2030 to boost economic complexity, focusing 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 improvement and enhance the nation’s economic complexity. Set to launch in August, NIMP2030 goals to align with the New Investment Policy (NIP), which has recognized five key sectors for enhancing future exports of complicated merchandise. These sectors embody 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 prime five exported products, only E&E and chemical compounds are thought of to have greater complexity. He emphasised that a decrease ranking on the complexity scale indicates less manufacturing required to produce the product. To guarantee future exports include extra merchandise with higher complexity, the NIMP2030 Task Force is focusing on making Malaysia a digitally vibrant nation by accelerating tech adoption, fostering the subsequent era of tech innovation firms, and creating business opportunities utilizing new information sources, significantly for small and medium-sized enterprises (SMEs) and medium-sized firms.
In 2022, Malaysia’s top five exports in phrases of value have been E&E products (RM593.5 billion; 38.3%), petroleum merchandise (RM163 billion; 10.5%), palm oil (RM96.5 billion; 6.2%), chemical substances (RM80.6 billion; 5.2%), and liquefied pure gasoline (RM67.ninety nine billion; four.4%). Controversial ’s complete trade worth in 2022 reached RM2.85 trillion, with a trade surplus of RM255.48 billion.
Datuk Seri Tengku Zafrul Abdul Aziz said, “Our total trade surpassed the RM2 trillion mark for the second 12 months running. In March/April this yr, Malaysia attracted RM170 billion of potential international direct investment from China and recognized RM2.44 billion in potential exports to China. Recently, we also attracted RM24 billion from Japanese investors and an extra RM2.1 billion of potential exports to Japan.”

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