Tengku Zafrul : New Industrial Master Plan 2030 (NIMP2030), What We Know So Far!

Tengku Datuk Seri Zafrul Abdul Aziz, Malaysia's Minister of Investment, Trade, and Industry, recently said that the country's New Industrial Master Plan 2030 (NIMP2030) will be unveiled in September. The Ministry of Investment, Trade, and Industry (MITI) created this master plan to give a strategic direction for industries while emphasising the role of innovation in accomplishing important objectives.

The implementation of NIMP2030 will require collaborations with financial organisations such as Bank Negara and the World Bank to revive the country's industrial framework. The plan prioritises the following critical elements:

1. Enhancing Economic Complexity: MITI's mission is to support innovation and the creation of high-quality products and services. This will promote knowledge development, retention, and growth within Malaysia's institutions and industry.

2. Promoting Tech Adoption and Innovation Culture: The government is committed to encouraging public and private sector organisations to utilise technology in a timely, safe, and appropriate manner. The purpose is to foster a vibrant culture of innovation in Malaysia while assuring the proper use of disruptive technologies such as the Fourth Industrial Revolution (IR4.0) and artificial intelligence (AI).

3. Addressing Global Agendas: Malaysia's efforts in innovation are in line with global imperatives such as achieving net-zero emissions by 2050 and the Sustainable Development Goals (SDGs). Priority is given to innovative projects that contribute to a greener economy, such as renewable energy, circular economy practises, and carbon collection, utilisation, and storage.

4. Economic Security and Inclusivity: Priority is given to inclusive and economically secure innovation that benefits society as a whole. The emphasis is on purpose-driven innovation that avoids expanding income or digital inequality and supports society as a whole.

MITI and its partners hope to accelerate Malaysia's industrial growth by stimulating innovation, boosting technology adoption, tackling global concerns, and ensuring economic stability and inclusivity through the execution of NIMP2030.