Malaysia’s Ministry of Investment, Trade and Industry (MITI) has disclosed its ambitious New Industrial Master Plan 2030 (NIMP2030) to bolster the nation’s economic complexity. The focus is primarily on the development of Malaysia’s digital economy.
Scheduled for a grand launch in August, NIMP2030 is devised to supplement the New Investment Policy (NIP) by concentrating on five sectors pivotal to future export complexity. The highlighted sectors comprise aerospace, chemicals/petrochemicals, the digital economy, E&E (including medical devices), and pharmaceuticals.
MITI, through the NIMP2030 Task Force, is determined to increase economic complexity and transform Malaysia into a digital powerhouse. This vision was expressed by Minister Seri Zafrul Abdul Aziz during the introduction of the Malaysia External Trade Development Corporation’s (MATRADE) Digital Trade Platform (MDTP).
The government is committed to accelerating tech adoption across industries, opening up business opportunities through fresh data sources. MDTP, a collaborative effort between MATRADE and data technology provider Fusionex, is designed to bridge the divide between technology, data, and businesses, thereby promoting trade growth. Fusionex specializes in analytics, big data, machine learning, and AI, connecting the Malaysian business community with global markets.
Also read: AWS Services Bounce Back Following Wide-Scale Outage
MDTP and Fusionex plan to connect 50,000 businesses within the next decade. In alignment with NIMP2030’s digital economy focus, MITI is encouraging businesses to leverage Bank Negara’s RM1-billion grant to incentivize SMEs towards process automation and operational digitization.
NIMP2030 is geared to attract suitable investments, fostering industrial development to manufacture high-complexity products. The expected result is an increase in export revenue through a higher complexity of exports and economy.
The drive to enhance Malaysia’s digital economy is gaining momentum, with the anticipation of foreign direct investments worth billions through the Malaysia Digital Initiative. This initiative, a result of the Malaysia Digital Economy Corporation’s (MDEC) engagement at London Tech Week 2023, is expected to yield significant announcements in the coming weeks.
Source: Marketing Interactive
