KUALA LUMPUR, Aug 4 — The implementation of the Chemical Industry Roadmap 2030 (CIR2030) is expected to increase the industry’s gross value added (GVA) to the overall economy from 3.4 per cent to more than 4.5 per cent by 2030, which would imply adding approximately RM40 billion in value.
With that, the government also aims for the country’s chemical industry to be ranked first in terms of foreign direct investment by 2030.
According to Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Abdul Aziz, CIR2030 has introduced 10 enablers with details of key activities, milestones, key performance index, roles and responsibilities to ensure this roadmap is rigorously implemented.
“There will also be a dedicated governance team and task force. We will ensure enablers and initiatives are tracked, monitored and implemented on time to meet the CIR2030 aspirations,” he said during the launch of CIR2030 here today.
He said CIR2030 outlines three major priority segments, namely base chemicals and intermediaries such as fertilisers as well as oleochemicals and C1 Intermediates; plastics and polymers such as high-performance composites; as well as specialty chemicals, care chemicals, nutrition chemicals, electronic chemicals and construction chemicals.
“Each of these product segments has been identified with specific strategies for further growth based on its potential and future demand,” he said.
He further said the roadmap aims for the Malaysian chemical industry to become a leading chemical player in the Asia Pacific by increasing the value added from building blocks through diversification into higher value-added products.
He said the roadmap also focuses on enhancing industry integration between upstream chemical production and downstream industries, building local advantage and resilience.
“We aim to increase competitiveness of the chemical industry to improve export potential, while positioning Malaysia as a strong chemical hub within the Asia Pacific region as well as improving sustainability of the industry,” he said.
Tengku Zafrul noted that the roadmap also introduces new technology to advance the state of the overall chemical industry, creating a large base of high-skilled jobs.
“This CIR2030 is not a standalone document. It will be complemented by the much-awaited New Industrial Master Plan 2030 (NIMP 2030) to be also launched this month,” he pointed out.
Within the NIMP 2030, he said the chemical, petroleum products and petrochemicals sectors are provided for via 16 action plans that are all aligned to NIMP’s four missions, including a specific focus on deepening our specialty chemical verticals.
“I would like to re-emphasise that the CIR2030 is a perfect showcase of a successful public-private collaboration for the benefit of the industry, the economy and the nation,” he stressed.
Tengku Zafrul added that close partnership between the government, the Chemical Industries Council of Malaysia and Petronas has also set the tone for future collaborations to realise the nation’s Madani goals and targets. — Bernama
