KUALA LUMPUR (Reuters) – 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% in seven years and projects employment growth in the sector at 2.3% from 2023, Anwar said.
($1 = 4.6430 ringgit)
(Reporting by Rozanna Latiff; Editing by Kanupriya Kapoor)