The Malaysian Ministry of Investment, Trade and Industry (Miti) is working towards its 2023 Gross Domestic Product (GDP) growth target of four.zero to five.0% by specializing in investments and exports. In Smooth sailing of 2023, Malaysia recorded approved investments valued at US$17.1 billion, an almost 60% increase year-on-year, with 1,265 projects anticipated to generate 23,977 new job opportunities across numerous sectors.
Tengku Datuk Seri Zafrul Abdul Aziz, the minister of Miti, mentioned that the strong financial fundamentals and the implementation of Budget 2023 measures via Miti’s agencies would support the GDP progress forecast. The ministry can additionally be crafting sturdy insurance policies to assist industries construct resilience under the upcoming New Industrial Master Plan 2030 (NIMP2030).
Miti is working closely with key institutions corresponding to Bank Negara Malaysia and the World Bank to overhaul the industrial framework through a number of strategies. The first technique goals to assist industries and small and medium enterprises (SMEs) tech up, construct resilience, and improve funding, trade, and industrial processes. The second strategy focuses on safeguarding economic resilience and inclusivity by creating a more strategic provide chain, strengthening industrial clusters, and empowering halal agro-processing. SMEs will function strongly in all initiatives on this pillar.
The third technique involves nurturing SMEs for resilience by pushing for Malaysia’s net-zero targets by 2050. Sustainable growth objectives and related ‘green’ goals are the underlying consideration for new industrial frameworks and insurance policies to decarbonise the economic system. Miti will ensure SMEs are a part of initiatives on renewable vitality, low carbon transition, the round financial system, and carbon capture, utilisation, and storage.
“The recently launched Greening Value Chain Programme, with the assist of Bank Negara Malaysia and strategic partners, is one good instance of how the government ecosystem is incentivising carbon emission management among our SMEs,” Tengku Zafrul said..