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NIMP, BRICS membership to strengthen economic resilience amid global conflict: Tengku Zafrul | Scoop
Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz has said that the government is taking steps to strengthen the country’s economic resilience by rolling out initiatives under the NIMP 2040 and seeking membership in BRICS. – Abdul Razak Latif/Scoop file pic, October 14, 2024
News

NIMP, BRICS membership to strengthen economic resilience amid global conflict: Tengku Zafrul

Investment minister says key approach involves ‘nearshoring’ to focus on securing supplies from Asean region, Middle East tension not directly impacting us but govt monitoring situations

Scoop Reporters
Updated
12:29 PM MYT

 

KUALA LUMPUR – Amid ongoing global conflicts, the Malaysian government is taking steps to strengthen the country’s economic resilience by rolling out initiatives under the New Industrial Master Plan 2030 (NIMP) and seeking membership in BRICS, according to Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz.

One key approach involves “nearshoring,” which focuses on securing supply sources from the Asean region to ensure the stability of supply chains and reduce reliance on foreign raw materials. This is part of a broader strategy to keep local industries stable during future economic or health crises.

“These strategies are already paying off, strengthening trade relationships, drawing in foreign investors, and boosting Malaysia’s reputation as a global trade hub,” Tengku Zafrul said during today’s Dewan Rakyat session. 

He pointed out that Malaysia’s economic resilience is evident, with the country’s economic performance improving by 5.2% in July 2024 compared to the same month last year.

While current global conflicts, such as the wars in Ukraine and the Middle East, have not significantly impacted Malaysia in the short term, Tengku Zafrul emphasised that the government is keeping an eye on long-term risks. 

He stated that the ministry will continue to focus on building the country’s strength and competitiveness, especially in important sectors like semiconductors. To further bolster resilience, the ministry plans to enhance trade diplomacy with key partners and explore new economic opportunities. 

He noted that Russia and Ukraine are not major trading partners for Malaysia, with bilateral trade amounting to just 0.5% of the nation’s total international trade last year. Similarly, trade volumes with individual Middle Eastern countries remain relatively low. – October 14, 2024

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