Authority of Investment, Trade and Industry (Miti) is working towards its 2023 Gross Domestic Product (GDP) development goal of four.zero to five.0% by specializing in investments and exports. In the primary quarter of 2023, Malaysia recorded approved investments valued at US$17.1 billion, a virtually 60% increase year-on-year, with 1,265 tasks expected to generate 23,977 new job alternatives throughout varied sectors.
Tengku Datuk Seri Zafrul Abdul Aziz, the minister of Miti, said that the robust financial fundamentals and the implementation of Budget 2023 measures via Miti’s businesses would assist the GDP development forecast. The ministry is also crafting robust insurance policies to help industries construct resilience under the upcoming New Industrial Master Plan 2030 (NIMP2030).
Miti is working intently with key establishments such as Bank Negara Malaysia and the World Bank to overhaul the industrial framework through several strategies. The first technique aims to help industries and small and medium enterprises (SMEs) tech up, build resilience, and improve investment, commerce, and industrial processes. The second strategy focuses on safeguarding financial resilience and inclusivity by developing a more strategic supply chain, strengthening industrial clusters, and empowering halal agro-processing. SMEs will function strongly in all initiatives on this pillar.
The third technique includes nurturing SMEs for resilience by pushing for Malaysia’s net-zero targets by 2050. Sustainable development targets and associated ‘green’ objectives are the underlying consideration for new industrial frameworks and insurance policies to decarbonise the economic system. Miti will ensure SMEs are a half of projects on renewable energy, low carbon transition, the round financial system, and carbon capture, utilisation, and storage.
“The lately launched Greening Value Chain Programme, with the support of Bank Negara Malaysia and strategic partners, is one good example of how the federal government ecosystem is incentivising carbon emission administration among our SMEs,” Tengku Zafrul mentioned..