Overview
Malaysia’s manufacturing industry is a cornerstone of the country's economic growth, playing a pivotal role in the nation’s development and global competitiveness. With a projected output of US$540 billion in 2024, the industry contributes approximately 23% of the country’s GDP. It is also crucial in providing numerous job opportunities, driving exports, fostering technological advancement, and attracting foreign investments.
KEY GROWTH DRIVERS
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Industries such as electronics, automotive, oil & gas, aerospace, medical, and food processing require high-technology machinery and equipment, driving demand. smart cities through public-private partnerships have fuelled the growth of the machinery & equipment industry. Focus on High-Technology Industries Government Initiatives Government initiatives such as developing Increasing Demand for Automation As industries across various sectors seek to improve efficiency and reduce labor costs, there is a growing demand for automated machinery and equipment. Rising Urbanisation Urbanisation leads to increased construction and infrastructure development, driving the need for machinery and equipment in these areas. Increased Investments in Infrastructure Government and private sector investments in infrastructure projects boost the demand for machinery and equipment.
In 2023, the government of Malaysia launched the New Industrial Master Plan (NIMP) 2030 to transform Malaysia’s manufacturing and related services sectors. Recognising the importance of the industry, this ambitious policy leverages global trends and fosters government-private sector collaboration, targeting economic growth, innovation, and sustainability over the next seven years.
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Inherently, the National Industrial Master Plan aims to:
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Enhance Productivity
Maintain Competitiveness
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Support Economic Growth
Attract Investments
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Advance Sustainability
Create High-Skilled Employment
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