by NURUL SUHAIDI  / pic MUHD AMIN NAHARUL

THE recently unveiled New Industrial Master Plan (NIMP 2030) roadmap and its implementation will drive more positive investment in 2024.

Investment, Trade and Industry (MITI) Minister Tengku Datuk Seri Zafrul (picture) said the country managed to achieve an approved investment worth of RM13.2 billion in the second half of 2023 (2H23).

“The total of RM13.2 billion comprises 60% of our target for the year. So, we are slightly above target and hope that this momentum can continue.

“I am very optimistic that next year will be a stronger year for Malaysia when it comes to investment,” he said during the Roundtable Dialogue in discussing the NIMP 2030: Curating Malaysia’s Sustainable Investments and Growth.

He also noted that nearly half of the investments are from direct domestic investment (DDI) on top of foreign direct investment (FDI).

Therefore, he added, the role of local players is important to support and enhance the FDI and strike a balance between FDI and DDI investment.

“Both investments are correlated and will bring positive spillovers to the economy and sectors such as the manufacturing and construction, and the supply chain. They will also increase job creation,” he said.  

Tengku Zafrul also highlighted that so far, the industry response to NIMP 2030 has been positive and the ministry is still holding engagement sessions with the players through its roadshow.

Apart from that, the shift of NIMP 2030 to mission-focused rather than sectorial will transform the economy complexities, building an industrialised nation and assist overall digitalisation process and applications.

NIMP 2030 targets to cover six key pillars including increasing the economic complexities, job value and job creation, extending domestic linkage, developing new and existing clusters, and improving inclusivity, as well as Environmental, Social and Governance (ESG) practices.

In Budget 2024 tabled recently, RM200 million is allocated to support NIMP 2030 across industry through NIMP Industrial Development Fund (NIDF) and Strategic Co-investment Fund (CoSIF) in strategic areas.

It also includes development of Pengerang Integrated Petroleum Complex, the development of halal industry, tax relief for electric vehicle (EV) charging facilities, Hi Tech Park and extension for Investment Tax Allowance (GITA) and Green Income Tax Exemption (GITE) until 2025.

Tengku Zafrul said industries can also benefit from capabilities of organisations like Malaysian Investment Development Authority (Mida) and Malaysian Industrial Development Finance Bhd (MIDF) to facilitate the funding, knowledge and information aspect to ensure a robust growth and industrial transitions.