adminKUALA LUMPUR: The New Industrial Master Plan (NIMP) is seen as opening up greater space for Malaysia to strengthen the manufacturing sector, thus driving the country’s economic growth to higher levels.
Executive Director of the Asia-Europe Institute, University of Malaya, Senior Professor Datuk Rajah Rasiah said that the true success of the implementation of NIMP depends on policy consistency and the country’s ability to leapfrog into the high-value-added industrial segment.
According to him, Malaysia needs to think about strategic steps to move to the next level by taking examples from countries that have succeeded in certain sectors.
“Taiwan, for example, excels in the semiconductor industry, while China is now leading in electric vehicles with the presence of more than 20 competitive companies such as BYD, Nio and Xpeng.
“This situation shows that countries at the lower level still have a chance to catch up, because there are already successful models at the global level,” he said.
He, however, stressed that Malaysia does not need to completely imitate the approaches of other countries, but rather adapt the model according to the structure and needs of the local economy.
Each selected sector also needs to be driven by a strategy that is in line with the country’s existing strengths to ensure a more effective and sustainable impact.
He added that with clear policies, strong implementation and the right mobilization of expertise, Malaysia has great potential to accelerate industrial development and move towards a high-income economy.
-Agency
