NEWS: Zafrul addresses fiscal backing for NIMP 2030

The Edge TV

Investment, trade and industry minister Tengku Datuk Seri Zafrul Abdul Aziz addresses what looks like rather feeble fiscal backing for Malaysia’s New Industrial Master Plan 2030 (NIMP 2030).

Transcript

00:00 We are budgeting for this 94.6 billion over the period of seven years. And of course we

00:08 are going to have an NIMP, Industrial Development Fund, and we have the Co-Investment Fund as

00:14 well. So we would not have the kind of monetary or fiscal support that the US has, or even

00:23 some countries in Europe. You see how Germany and all that. In fact, Germany said they will

00:27 build a plant for you. They don't only come and incentive, "Come, come, I'll build it

00:32 for you." So our competitive advantage. So when I speak to the EU ambassadors, they say,

00:36 "How do we compete?" I say, "No, you have to understand, Germany, for example, there

00:42 are cost disadvantages, not just labour costs, other costs, energy costs is so high, so they

00:49 have to compensate by other things. Whereas Malaysia, I mean we know, labour cost is cheap

00:55 in a way, talking about engineers, and then land cost is cheap, infrastructure cost is

01:01 cheap, utility cost is cheap. And we are seen as a neutral country.

01:07 [END]

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