The Edge

• The Mid-Term Review of the 12th Malaysia Plan (MTR of 12MP), 2021-2025, which is the main policy document to realise the aspiration of ‘Ekonomi MADANI: Memperkasa Rakyat’, was unveiled to take stock of the progress achieved half-way through its implementation period. This was followed by a reassessment of the goals, enablers and game changers as well as socio-economic targets set in the original 12MP.

• The planning document contains 17 Big Bolds and 71 Main Strategies and Initiatives (Original plan: Three themes, four policy catalysts and 14 game changers) across the key enablers and three main focuses: Strengthening sustainability, Building a prosperous society, and Achieving high-income nation. National income per capita in current terms is projected to increase by 4.6% pa in 2023-2025 to RM61,000 (US$14,250) in 2025. By 2030, national income per capita is expected to reach RM85,115.

• The MTR of 12MP is an important pillar in the journey towards a more inclusive, dynamic, and competitive Malaysia: (a) Raising the ceiling through creating a high-value economy, and better technological content as well as attracting world-class foreign investments; and (b) Raising the floor through ensuring a fair and equitable distribution of income to all.

The Star

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南洋商报

The Star

• Following the expiration of the Third Industrial Master Plan (IMP3) 2006-2020, the long-awaited New Industrial Master Plan (NIMP) 2030 was unveiled on 1 September 2023.

• Overall, the NIMP 2030 is a comprehensive industrial direction, outlined strategies and enablers with the aim of positioning Malaysia for next leg of our manufacturing transformation into new growth and catalytic industries in the years ahead.

• Unlike the IMP3, which was formulated on sector-based approach, the NIMP 2030 calls for a “Whole-of-Nation” approach and adopts a mission-based approach to drive the manufacturing transformation in four ways, that is by (i) Advancing economic complexity; (ii) Tech-up for a digitally vibrant nation; (iii) Pushing for net zero target; and (iv) Safeguarding economic security and inclusivity.

• The NIMP 2030 is supported by four enablers, 21 strategies and 62 action plans for the development of 21 sectors, including five pivotal sectors, namely (i) Electrical and electronics (E&E); (ii) Chemical; (iii) Advanced materials; (iv) Aerospace; and (v) Healthcare (including medical devices and pharmaceuticals).

• The formulation of NIMP 2030 is aligned with 32 related policies and roadmaps, with most of them were contained in existing documents such as the 12th Malaysia Plan, New Investment Policy 2022-2027, and National Trade Blueprint 2021-2025, while some of the documents are in the pipeline of launching, e.g. iESG Framework.

• The launching of the National Energy Transition Roadmap (NETR) marks an important transformational change in shaping how our energy is generated and used sustainably to meet our net-zero target.

• The NETR has outlined 50 initiatives under six energy transition levers and five cross-cutting enablers. Twelve (12) ministries and eight (8) government agencies and government-linked companies were identified as the spearheading champions to work together with all stakeholders to drive the energy transition and catalytic projects.

• It is clear that the Government is committed to advancing the energy transition movement of Malaysia. There are massive opportunities totalling between RM1.2 trillion and RM1.3 trillion by 2050 for more projects to be developed by both foreign and local investors.

• A good monitoring and evaluation system is important to track the progress of the NETR, including periodical updates to the investors and public in a timely manner.

• Towards this end, we welcome the establishment of the National Energy Council to set forth high-level strategic directions and policies, allowing for the working committees to coordinate and report the progress of the NETR.