Attention fellow entrepreneurs! Whether you’re looking to start a new business or expand your startup, the New Industrial Master Plan 2030 (NIMP 2030) is all set to bring your business to new heights!
In case you haven’t heard, NIMP 2030 is an industrial policy for the manufacturing and manufacturing-related services sector. Launched by YAB Prime Minister and the Ministry of Investment, Trade and Industry (MITI), this policy is a holistic and multifaceted strategy that aims to drive Malaysia’s industrial demand in seven years.
Four interlinked missions have been outlined to meet the targets and goals of NIMP 2030. Let’s explore these missions in-depth and find out how Malaysians can benefit from the industrial policy!
Mission 1: Advance Economic Complexity
Moving beyond traditional models, NIMP 2030 aims to revolutionise manufacturing and drive innovation in this dynamic industry. This fosters the production of sophisticated goods, enhancing Malaysia’s competitiveness in the global market.
Here’s how this mission can be achieved:
Mission 2: Tech Up for a Digitally Vibrant Nation
In line with the digital era, NIMP 2030 drives a nationwide digital transformation to boost innovation, productivity, and economic growth. Other than transforming 3,000 smart factories, the policy also aims to:
Mission 3: Push for Net Zero
Besides propelling Malaysia’s economy, NIMP 2030 is also committed to sustainability and fighting climate change. Here are the proposed strategies to decarbonise the manufacturing sector:
Mission 4: Safeguard economic security and inclusivity
Apart from its sustainability endeavours, NIMP 2030 also aims to create a robust environment supporting supply chain resilience, entrepreneurship, SME growth, and fair access to opportunities.
This initiative champions inclusive growth by empowering local communities and SMEs to integrate seamlessly into Global Value Chains! Here’s the plan:
How would Malaysians benefit from NIMP 2030?
This industrial policy is expected to inspire new businesses and support the growth of local SMEs, all while championing sustainability and economic inclusivity. Even if you’re not an entrepreneur, this policy holds indirect benefits for you too:
Nation-wide economic growth
This policy sets its sights on boosting the Gross Domestic Product (GDP) of the manufacturing sector by 6.5% annually. If we hit this target by 2030, it could mean an impressive addition of RM587.5 billion to Malaysia’s overall GDP!
New employment opportunities
NIMP 2030 is expected to also drive employment up by 2.3% yearly, which creates an additional 600,000 jobs that are mostly high-skilled. This sums up to a total of 3.3 million new jobs by 2030!
This ambitious initiative not only aims to propel industrial growth but also seeks to significantly boost the nation’s workforce, offering an array of promising career prospects.
Increased median salary
Since the policy aims to decrease the country’s overreliance on low-skill labour, the new positions arising are likely to be high-skilled. Consequently, this shift is anticipated to elevate industry pay by 9.6%, reaching RM4,510 by 2030!
As you can see, NIMP 2030 is not just about economic growth; it’s equally dedicated to empowering local entrepreneurs and business owners, fostering a shared success that belongs to every Malaysian!