Malaysia’s push into high-tech and value-added industries under the 11MP plan is bearing fruit in sectors such as manufacturing and aerospace as it works to foster a new culture of innovation, train local human resources and raise productivity.
- Industry: Returns In Aerospace – With regional demand for aircraft projected at 13,000 new planes over the next decade, Malaysia is investing heavily in production facilities, approving 41 projects worth $1.3bn in 2009-14 and attracting another $990.1m in investments in 2015.
- Energy: Focus On Renewables – The 11MP plan for 2015-20 envisions raising renewable energy production more than eight-fold, from 243 MW to 2080 MW, reaching 7.8% of total installed capacity. The largest expansion will occur in biomass.
- Trade & Investment: Surge In Exports – Rapid expansion in exports continued in 2015, helped by a nearly 20% fall in the ringgit and 6.5% growth in trade-oriented manufacturing base, ofsetting lower demand for commodities.
- ICT: Investment Spike – Foreign investment in Malaysia’s ICT industry has soared as the government pushes to extend the reach of broadband infrastructure to 95% of populated areas under the 11MP plan.
- Islamic Financial Services: The Rise Of Sharia-Compliant Banking – An early adopter of sharia compliant financial systems, Malaysia continues to consolidate its global lead in Islamic finance, more than surpassing its end-2015 goal of boosting the share of Islamic assets in the banking sector to 20%.
- Innovation: Ever More Competitive – As it pushes to lift itself out of the middle-income trap and into high-income status by 2020, Malaysia is rising through global ranks on competitiveness through its Economic Transformation Plan and a range of initiatives under the Malaysian Innovation Agency.
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