MITI to formulate strategic plan to increase green investment

 


KUALA LUMPUR, 9 January 2024: The Ministry of Investment, Trade and Industry (MITI) will formulate a strategic plan to increase green investment and make Malaysia a major regional green investment hub and destination.

Its Minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, said the plan aims to achieve net zero carbon as early as 2050 in line with the New Industrial Master Plan 2030 (NIMP 2030) and the National Energy Transition Roadmap (NETR).

Earlier, the National Investment Council (MPN) at its meeting today agreed to formulate a plan specifically to enhance green investment in Malaysia and form a special task force to strategically develop the semiconductor industry.

In tandem with the emphasis on green investment, the meeting also decided to rebrand the Federal Government project that was announced in Budget 2024, namely the Kerian Integrated Industrial Park as the Kerian Integrated Green Industrial Park.

"It is hoped that this will be the catalyst to the complete transition to renewable energy by industries that will be developed in the industrial park,” Tengku Zafrul said in a statement today.

Looking at the importance of the semiconductor industry which contributes 45.4 per cent (or RM593.5 billion) to Malaysia’s manufacturing industry export revenue, equivalent to 7.1 per cent of the nation’s gross domestic product, the meeting also decided to establish the National Semiconductor Strategic Task Force (NSSTF).

"It is a platform specifically to develop the semiconductor ecosystem to attract strategic investments in the sector,” he said.

NSSTF will be chaired by the MITI Minister and it is expected to further strengthen the sector which currently contributes 13 per cent to the assembly, testing and packaging activities of chips globally and 10 per cent to the global semiconductor market.

The task force will also involve the participation of various ministries, members of the academia as well as domestic and global industry players to empower the direction of the semiconductor industry which is the mainstay of the country’s electrical and electronics sector as well as various other sectors such as electric vehicles and technology-based sector.

"This is important to ensure that the nation’s semiconductor industry is more competitive and future-proof in line with the technology development, legislation, current trends and latest policies at the global level,” said Tengku Zafrul.

He added all these efforts would ensure that the implementation of investments into the country will achieve the Madani Economy’s objectives, including placing Malaysia in the world’s top 30 largest economies and the top 12 in terms of global competitiveness within 10 years. - Bernama
Source: The Star

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