The New Industrial Master Plan 2030 (NIMP), which requires RM95 billion worth of investment over the next seven years, offers new opportunities for banks and the capital market to innovate and offer the right financing products to support new sectors and technologies.
Minister of Investment, Trade, and Industry Tengku Zafrul Abdul Aziz said the government wants the financial sector to take on a more active role in achieving the missions outlined by the NIMP 2030, along with the most recent policy, the National Semiconductor Strategy launched in May 2024.
“As a former banker, I’m fully convinced that this will be a ‘win-win’ for financial institutions,” he said in his opening remark at the Sasana Symposium 2024 via a recorded video today.
He emphasised that while financial institutions are often focused on shorter-term gains, the entire sector must also adopt a longer-term perspective in funding these structural reform agendas. “The hallmark of successful reforms and true nation building is a win-win end-game for all stakeholders. Securing Malaysia’s future sustainable growth is also securing future income streams of banks and financial institutions,” he said.
Tengku Zafrul explained that the NIMP 2030 has been designed to guide Malaysia’s industries toward technological advancement, sustainability, and greater integration into the global value chain. “In achieving this, the government has also recognised the importance of small and medium enterprises and the need to scale up to increase their contributions to the sector and the overall economy.”
He added that these efforts will undoubtedly raise income levels, benefiting Malaysians across all income segments. Investments in targeted sectors are also meant to create more high-skilled, higher-paying jobs.
Tengku Zafrul highlighted that unlike past Industrial Master Plans, Malaysia’s approach this time is mission-based. “This means placing every stakeholder’s focus on four key missions, which are increasing economic complexity; teching up with best-in-class technologies; pushing for net zero and promoting economic security, resilience and inclusivity.”
He concluded by stating that the structural changes envisaged by NIMP 2030 are both critical and necessary to ensure benefits from additional economic activities truly cascade down to the masses.
