KUALA LUMPUR: The Ministry of Economy will ensure that an integrated and appropriate policy focusing on high-growth and high-value (HGHV) industries continues in the preparation of the 13th Malaysia Plan (13MP) to boost the economy towards a higher and more complex value chain.
Economy Minister Datuk Seri Rafizi Ramli said that 13MP, which is being finalised, will ensure the government’s plan to reduce dependency on just one or two sources of income.
He said the document would focus on industries such as HGHV energy transition, technology and digital, high-value electrical and electronics (E&E), rare earth, modern agriculture and agri-based industries.
“These new industries will provide flexibility to the government in choosing the best approach so that we can continuously balance the country’s fiscal needs while reducing the tax burden on the people,” he told the Dewan Negara today.
He was responding to a question from Senator Datuk Rosni Sohar about new industries the government is exploring to generate sources of national revenue.
In addition, Rafizi said emphasis would also be placed on accelerating growth in strategic sectors including aerospace, E&E, pharmaceuticals, medical devices, electric vehicles, halal services and biomass, which are expected to generate new investments. “Focus will be given to attracting more high quality, advanced technology-based investments in these HGHV industries to encourage the development of complex products and services,” he added.
In response to a supplementary question from Senator Datuk Lim Pay Hen, who asked whether the rare earth industry could generate the country’s economy in the next 10 years, Rafizi said the government plans to develop a rare earth processing plant in the country.
“We can use the rare earth elements that have been separated to become finished materials for use in the E&E sector, and this will successfully attract new investments in strategic sectors such as semiconductors, electric vehicles, and others. We want to use these resources so that they can be retained in the country for as long as possible, and the result is not just selling the minerals but using them as a catalyst to bring in as many high-tech investments into the country,” he added.
