KUALA LUMPUR – A detailed roadmap, known as the high-growth high-value (HGHV) blueprint for the technology and digital sectors, is anticipated to be rolled out in February 2024, laying down the strategies for technology expansion in Malaysia.

According to BERNAMA News Agency, Minister of Economy Rafizi Ramli remarked that this blueprint would offer comprehensive directions akin to other sector-specific guides, aiming to amplify the growth of start-ups and draw international technology corporations to Malaysia. Rafizi emphasized the subsequent stage, “The next focus is to complete the roadmap for other HGHV sectors in the next 12 months, and the Ministry of Economy, along with relevant ministries, is zeroing in on formulating blueprints for the digital and technology sector.”

During his speech concluding the policy-level debate on the ministry’s Supply Bill 2024 in the Dewan Rakyat today, Rafizi stressed the intent of establishing individual blueprints for each sector under the HGHV umbrella. The purpose of these detailed plans is to elucidate specific targets, launch initiatives, set in motion pilot projects, and outline government-backed incentives to spur growth across these pivotal sectors.

As of now, two out of the five planned sector-specific blueprints have been inaugurated. These are the New Industrial Master Plan (NIMP) 2030 tailored for the high-value electrical and electronics (EandE) sector and the National Energy Transition Roadmap (NETR) for industries pivoting on energy transition.

In the progression of this initiative, Rafizi noted that collaborations are in the pipeline. The Ministry of Economy is set to join hands with the Ministry of Agriculture and Food Security to design a blueprint centered on modern agriculture and the agro-based sector. Concurrently, a distinct blueprint focusing on the rare earth industry is slated to be co-developed with the Ministry of Natural Resources, Environment and Climate Change.

Expressing optimism, Rafizi conveyed his conviction that the five HGHV sectoral plans have the potential to rejuvenate Malaysia’s economy. He believes these strategies could play a crucial role in achieving the gross domestic product growth target, which is set between 5.0 to 5.5 per cent, as part of the 12th Malaysia Plan Mid-Term Review (12MP MTR) for 2021-2025.