NIMP 2030 offers significant opportunities for banks, capital market - Tengku Zafrul

KUALA LUMPUR: 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 finance new sectors and technologies.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said the government would like the financial sector to take on a more active role in achieving the missions outlined by the NIMP 2030, and 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 here today.

He said while financial institutions are always looking at shorter-term gains, the whole sector must also take a more long-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.

He explained that the NIMP 2030 has been designed to guide Malaysia's industries towards 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."

Together these efforts will undoubtedly raise income levels, benefitting Malaysians across all income segments, he said, adding that the investments in targeted sectors are also meant to create more high-skilled, higher-paying jobs.

He said that unlike the past Industrial Master Plan, Malaysia's approach this time is to be "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."

The structural changes envisaged by NIMP are both critical and necessary to ensure benefits from additional economic activities truly cascade down to the masses, said Tengku Zafrul.

-- BERNAMA

Read the latest news here