NIMP 2030 Succeeds In Raising Value Added, Jobs, Median Salary In Manufacturing Sector -- Tengku Zafrul
KUALA LUMPUR, Oct 21 (Bernama) -- The Investment, Trade and Industry Ministry (MITI) is confident of achieving the first-year targets of the New Industrial Master Plan 2030 (NIMP 2030), having already fulfilled three of the main indicators set, according to its minister Tengku Datuk Seri Zafrul Abdul Aziz.
Following the launch of NIMP 2030 on Sept 1, 2023, the manufacturing sector’s value added to the gross domestic product rose by 4.7 per cent, or RM4.2 billion, as of the second quarter of 2024 against the same period in 2023 while the number of jobs increased 0.9 per cent, or 200,000, he said.
Meanwhile, the median salary for the sector improved by RM201, or 8.2 per cent year-on-year (y-o-y), in the first quarter of 2024 compared with the same quarter last year.
Under NIMP 2030, MITI targets to hit manufacturing sector value added of RM587.5 billion, the creation of 3.3 million job opportunities and an increase in median salary to RM4,510 by 2030.
“Nearly all key performance indicators (KPIs) for 2024 have been met. There’s still a lot of work to be done, and while we still have five years to go, time is becoming shorter and the economic situation is getting more challenging,” he told the media after presenting the MITI Report Card for 3Q 2024 today.
Tengku Zafrul said that under Mission 1 (Economic complexity), MITI has achieved commendable progress in efforts to strengthen the country’s position in the global semiconductor landscape through two key action plans that support this mission -- creating global integrated circuit (IC) champions from Malaysia and attracting global firms to establish wafer fabrication facilities.
He said that in 3Q, a total of 500 engineers and 557 technical workers have been trained to strengthen the nation’s technical expertise in IC design and semiconductor production.
“A total of 4,673 people have been hired, comprising 1,130 engineers or technical experts. Technical workers made up 97 per cent of the total hired, reflecting a rise in technical talent.
“This initiative has also attracted large investments totalling RM35.6 billion (in 3Q), comprising RM0.97 billion in direct domestic investment and RM34 billion in foreign direct investment,” he said.
Further, he said, Malaysia saw the formation of three local IC design firms, a major step towards building the nation’s capability in this critical sector.
Under the Chemical Industry Roadmap 2030, Malaysia’s chemical industry attracted investments worth RM3.1 billion in the January-June 2024, up more than 82 per cent from RM1.7 billion in the previous year.
In addition, the chemical sector contributed RM55.3 billion to exports from January-September 2024, a growth of 4.3 per cent y-o-y.
Tengku Zafrul also expressed satisfaction with the performance under Mission 2 -- national digital transformation for the manufacturing and manufacturing-related services (MRS) sectors that started with the introduction of the Industry4WRD programme in 2018, including initiatives such as the intervention fund.
“Under NIMP 2030, a new, improved initiative is being introduced -- Smart Technology Uptake (Smart Tech Up) Programme which will be launched in the fourth quarter (4Q) of 2024, with the main goal of creating 3,000 smart factories by 2030.
“The new Smart Tech Up technology model will replace the Industry4WRD Readiness Assessment model,” he said.
The minister said that of the 406 companies approved via the intervention fund programme to embrace Industry 4.0, the majority are in a good position to fulfil the definition of “smart factory” as outlined in the Smart Tech Up Programme.
On NIMP 2030’s Mission 2 focused on digital investments, he said there is an increasing trend, with more than 64,000 job opportunities created from the RM185 billion of investments approved from 2021 to 2Q 2024.
Mission 3 targeting net-zero carbon emissions is also going well, according to him.
“Perodua’s plan to produce its first commercial electric vehicle by 4Q 2025 is also proceeding smoothly,” he said.
He also noted that the Circular Economy Policy Framework (CEPF) was launched on Sept 26 to drive more efficient manufacturing process towards reducing waste production.
“To tackle the high emissions for sectors that are hard to terminate, MITI has completed the basic pre-feasibility work for two pioneer projects in the steel and cement sectors.
“For carbon capture, utilisation and storage (CCUS), basic pre-feasibility work has been completed with the actual study to start in 4Q this year,” he added.
-- BERNAMA
