KUALA LUMPUR, Sept. 4 (Xinhua) -- Economists on Monday said the Malaysian government's New Industrial Master Plan 2030 (NIMP) will boost the country's economy.
Research firm UOB Kayhian said in a note that the NIMP 2030 is a comprehensive blueprint that lays out ambitious targets with a pragmatic plan that is accompanied by a proper governance structure to address implementation concerns.
It opined that the masterplan is laying the foundations to steer the country on a resilient and sustainable path amid new global trends and realities.
It also said the blueprint is providing a clear and well-rounded direction for the country to achieve a high-tech industrialized nation by 2030, which will subsequently lure more high value-added investments and create high income jobs for citizens.
"The new approach -- mission-based approach -- which is shifting from the sector-based approach previously is also seen as a right move to drive the whole value chain of the economic structure," said the research house.
However, it said disciplined and determined execution will be key to the success of this plan.
Meanwhile, PublicInvest Research said in a note that the NIMP 2030 stands poised to act as a catalyst propelling the Southeast Asian country toward advanced status.
The research house opined that knowledge and technology-driven foundation will elevate Malaysia's competitiveness, thereby attracting a higher caliber of investments that facilitate the seamless transfer of technology.
However, it said the successful execution of this plan hinges on finely tuned supporting initiatives, a resilient educational system tailored to high-tech industries, and streamlined access to financing mechanisms.
It also said the effective realization of NIMP 2030 relies heavily on diligent progress monitoring and successful execution.
Kenanga Research, on the other hand, said in a note that it sees the NIMP 2030 as a comprehensive and strategic plan to drive towards prosperity and to optimize the true potential of Malaysia's economy through uplifting its manufacturing and services sectors.
"While the government focuses on mission-based approach to drive the industry transformation, it has to be wary of the ongoing global economic uncertainty and the vagaries of geopolitics given that most missions rely heavily on international relationship along with technological and skills transfer," said the research house. ■
