SHAH ALAM - The implementation of the New Industrial Master Plan (NIMP) 2030, which aims to revitalise the country's manufacturing sector and increase its value-added turnaround to RM587.5 billion by 2030, places unprecedented emphasis on economic growth and is poised to catapult micro, small, and medium enterprises (MSMEs) into higher echelons of value-driven supply chains.
Amidst this transformative surge, private sector employment rates stood unwavering at an impressive 3.4 per cent as of July 2023, while GDP projections soar between an astounding four and five per cent.
Malaysia's economic landscape was a tapestry of diverse industries, spanning the realms of oil and gas, manufacturing, vital services like healthcare, banking, and tourism, as well as the pillars of plantation, agriculture, construction, and mining.
Championing the Madani Economy Framework, Malaysian Employers Federation (MEF) president Dr Syed Hussain Syed Husman said the audacious initiative was aimed at propelling Malaysia into the top echelons of global competitiveness, aiming to secure a prestigious 12th position in the World Competitiveness Index.
This was not just a plan; it's a resounding call to action for Malaysia's ascendancy on the world stage, he added.
But he said the timeline to transform the MSMEs into higher-value supply chains was not specified, and the number of job opportunities it impacted could not be given exact values.
Syed Hussain stated that the 12th Malaysia Plan (12MP) Mid Term Review aimed to catapult Malaysia towards becoming a higher-income nation by 2025.
Where are job opportunities focused?
He said most newer job opportunities were focused within the tech-based economy and industry sectors that were part of the NIMP 2030.
"Most new job opportunities are expected to be within the tech-based economy and industry sectors that are part of Malaysia's NIMP 2030, which aims to improve the value added in the manufacturing sector.
"The same trend is also emphasised in the Madani economy framework and 12MP MTR,” he said.
He said these fields above were highlighted by the involvement of candidates who were required to maintain their skillsets or to upskill themselves and maintain competitiveness in the market as the sector would constantly go through changes.
Why are certain posts increasing in competition or having fewer hires?
Syed Hussain said issues of competition and fewer hires may be caused by current economic factors post Covid-19 and other factors.
"Prevailing domestic and world economic conditions and geographical locations for jobs were other reasons that competition would be much higher.
"Lastly, most businesses would have the requirement of having employees or candidates continuously upskill and reskill themselves in competitive industries,” he said.
Steps to take after securing job opportunities
Several developments and considerations were likely to follow as Malaysia steadily moved towards becoming a developed nation and having higher economic growth.
A continuous need for skills to be enhanced in the labour force was needed, and there must be a push towards meeting market demands.
"There’s a need for continuous skill enhancement, continuous innovation, and technological advancements in the labour sector.
"The share of the services sector in Malaysia’s GDP will increase to 60 per cent or higher, and it ensures that skills continuously need to be improved towards meeting market demands,” he said.
The push of skills towards a labour market was necessary as the improvement of NIMP 2030 and the 12MP ensures that Malaysia can become a globally competitive nation with the required skills from its labour forces to ensure continuous progress.