Mida’s strategic cooperation with the Ministry of Higher Education to accelerate the growth of local industry — Zafrul

KUALA LUMPUR (May 7): The strategic cooperation between Malaysian Investment Development Authority (Mida) and Ministry of Higher Education (MOHE) will boost the country’s industrial growth, especially in supporting the development of more talent at the global level. It is expected that this will be promoted.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said a trained and competitive workforce is the key to the success of the New Industrial Master Plan 2030 (NIMP2030).

“The lack of skilled talent is a constant issue among domestic and foreign investors.

“Without a comprehensive solution for talent development and supply, Malaysia will never achieve the economic complexity, high-tech industrial ecosystem, net-zero target and economic security envisaged by NIMP2030,” he said in the memo. (MOU). ) Signing ceremony between MOHE and Mida here on Tuesday.

Higher Education Minister Datuk Seri Zambri Abd Kadir also attended the ceremony.

Tengku Zafrul said the cooperation is in line with the objectives of the Madani Economic Framework, NIMP 2030 and the Malaysian Higher Education Action Plan 2022-2025. The plan aims to produce graduates and skilled manpower that will rank Malaysia among the 30 largest economies. the world by 2033.

He said that investment in the industrial sector is one of the most stable job creators for the country.

“This is the slow but permanent capital that Malaysia needs,” Tengku Zafrul said.

He pointed out that in the period 2021-2023, as many as 150,000 job opportunities were created through 2,386 approved manufacturing projects.

More than 81% of these have already been implemented, with most of these opportunities targeting high-income and skilled Malaysian talent.

“A total of 3,678 manufacturing projects approved for the 2021-2023 period so far have been implemented, or more than 83%, and 612 projects, or almost 14%, are in the planning stage.” he said.

Mr. Tengku Zafrul said that in 2023 alone, the project implementation rate was over 63%, or 559 projects were implemented, including projects in production stage, factory construction or installation of machinery/machines.

“Typically, each project takes 18 to 24 months to implement.Next, almost 35%, or 309 projects, are in the planning stage, which includes activities such as determining locations and consulting with developers and consultants. It is.

“Only 1.25% or 11 projects have not yet been implemented, and 0.45% or 4 projects cannot be implemented due to specific reasons such as changes in investor strategy,” he explained.

Tengku Zafrul added that the rate is encouraging as this investment, unlike the capital market, allows for instant inflow of funds while also being withdrawn in just a few hours.

Furthermore, in order for Malaysia to remain competitive and investor-friendly, ministries, government agencies and industry must foster a resilient and accessible industrial ecosystem with world-class talent. A “whole of country” approach is important, he said.

“This is where having a robust talent pipeline will strengthen Malaysia’s industrial capabilities and drive Malaysia’s value proposition of being a starting point for the world,” he said, adding that Malaysia is a regional hub for global companies. He added that it is a place where you can put the . And it’s a place where local businesses can grow into world champions.

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Zafrul: More than 98% of manufacturing projects approved in 2023 are implemented or planned

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