KUALA LUMPUR, October 23 — In a bid to navigate the challenges posed by ongoing geopolitical conflicts, Malaysia is actively implementing initiatives under the New Industrial Master Plan 2030 (NIMP) while pursuing membership in BRICS. Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Aziz, emphasized the government’s strategy to prioritize supply sources from the ASEAN region through a “nearshoring” approach.
This strategy aims to bolster supply chain stability and reduce reliance on external raw materials, ensuring the continuity of local industries amid potential future economic or global health crises. During a question-and-answer session in the Dewan Rakyat, Tengku Zafrul noted that these strategies have proven effective in strengthening trade relations and attracting foreign investments, enhancing Malaysia’s reputation as a reliable international trade hub.
He highlighted the recent Pioneer Index of Economic Indicators, which showed a 5.2% economic growth, reflecting the country’s resilience in the face of geopolitical uncertainties, including conflicts in Ukraine and the Middle East. The minister reiterated the importance of strengthening trade diplomacy and exploring new economic opportunities to maintain Malaysia’s competitiveness in priority sectors like semiconductors.
