Malaysia to allocate $1.8B to fund national industrial masterplan

A worker pushes a frame of Malaysian made Perodua car at its factory in Rawang, outside Kuala Lumpur. REUTERS/Bazuki Muhammad/File photo

KUALA LUMPUR  – Malaysia’s trade ministry said on Friday the government will allocate 8.2 billion ringgit ($1.77 billion) to fund a national industrial masterplan to be implemented by 2030.

The plan aims to develop a more robust manufacturing sector, by boosting the competitiveness of small and medium-sized businesses and through the creation of high-skilled jobs, the ministry said in a statement.

Malaysia’s Prime Minister Anwar Ibrahim said the plan would require an estimated total investment of 95 billion ringgit, predominantly from the private sector.

“This creation of high-value job opportunities is crucial to uplift and expand the middle-class society,” Anwar said at the launch of the masterplan.

The plan aims to increase the manufacturing sector’s value by 6.5 percent in seven years and projects employment growth in the sector at 2.3 percent from 2023, Anwar said.

($1 = 4.6430 ringgit)