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Malaysia Australia Business Council Supports the New Industrial Master Plan 2023 (NIMP) launched by Prime Minister Anwar Ibrahim

Kuala Lumpur, Malaysia,  6th September 2023

The Malaysia Australia Business Council (MABC) is pleased to express its support for the New Industrial Master Plan 2030 (NIMP 2030), a visionary blueprint announced by Prime Minister Anwar Ibrahim to build Malaysia’s industrial capacity, economic transformation and resilience for long-term, sustainable growth. MABC believes the NIMP 2030 holds potential for Malaysia and Australia and looks forward to collaborating closely with the government to contribute to its success.

MABC intends to play a pivotal role within the NIMP 2030 framework, aiming to utilise MABC expertise, networks, and resources to boost Foreign Direct Investment (FDI) growth and support the Nine Mission-based Projects (MBPs) and enabler approaches crucial for the masterplan's success.

MABC intends to support the NIMP 2030 in the following ways:

  1. Facilitating Bilateral Trade: MABC's primary objective is to promote bilateral trade and investment between Malaysia and Australia. MABC, with a history dating back to the 1980s, has been instrumental in fostering Australian-Malaysian trade relations. MABC will contribute to 'Mission 1’, which focuses on advancing economic complexity through collaboration and trade partnerships.
  2. Technology and Knowledge Transfer: MABC will act as a conduit for exchanging technological expertise and knowledge between Malaysian and Australian companies. This will aid Malaysia's progress in 'Mission 2’, where technology adoption and innovation are key goals. Leveraging Australia's experience in adopting cutting-edge technologies, advanced materials, and rare earths, MABC seeks to accelerate tech adoption and digitalisation in various sectors.
  3. Investor Engagement: MABC plans to engage with potential Australian investors interested in contributing to the growth of industries highlighted in NIMP 2030. MABC will facilitate dialogues and networking opportunities to attract FDI, aligning with the 'Investor One-Stop Portal' concept within the masterplan. MABC aim to streamline the process for Australian businesses looking to establish themselves in Malaysia.
  4. Skills and Workforce Development: MABC will collaborate with educational institutions and industry partners to help develop a skilled workforce, addressing the talent gap identified in NIMP 2030. MABC will advocate for more Australian universities to establish a presence in Malaysia, leveraging the strong reputation of Australian education institutions within the country.
  5. Sustainability and Environmental Initiatives: Recognizing the significance of sustainability, MABC commits to contributing to 'Mission 3’. MABC will aim to facilitate FDI from Australian companies into Malaysia's renewable energy sector, capitalising on Australia's rapid growth in this field. By connecting businesses with Malaysian government resources and aiding in establishing operations, MABC seeks to support both nations in achieving their climate goals by 2050.

 

MABC is committed to collaborating with relevant Malaysian ministries and institutions, in particular, the Ministry of Investment, Trade and Industry and the Malaysian Investment Development Authority, and their respective agencies to offer MABC input and ideas to help in the realisation of the goals outlined in NIMP 2030 and to expand the relations between Australia and Malaysia.

In summary, the Malaysia Australia Business Council is poised to play a vital role in advancing the NIMP 2030 framework by fostering bilateral trade, facilitating technology transfer, attracting investors, promoting workforce development, and supporting sustainability initiatives. MABC’s dedication to these key areas aligns with the overarching goals of the masterplan, ultimately contributing to the economic growth and prosperity of Malaysia and Australia.

 

End of Press Release

 

Note to editor.

For more information about the Malaysia Australia Business Council, please contact:

Email: mabc@mabc.org.my

Phone: +603 7960 9490