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Govt aims for mineral industry to contribute RM29b to GDP by 2030

Photo Credit: The Edge Markets

The government is targeting the contribution of the mineral industry to the country’s gross domestic product (GDP) to increase to RM29 billion by 2030, and that the industry would be further developed in a sustainable manner, Prime Minister Tan Sri Muhyiddin Yassin announced.

In realising that aspiration, Muhyiddin wants all stakeholders, including the people, to work together to give their best ideas in developing the industry.

“Apart from that, relevant agencies should also look into encouraging aspects, either financial or non-financial incentives, to support the development of a responsible and sustainable mineral industry,” he said when launching the National Mineral Industry Transformation Plan 2021-2030 here today.

Muhyiddin said the mineral industry’s contribution to GDP was RM9.9 billion in 2019.

“The government is also hoping for strategic collaboration among relevant quarters to transform the industry, so that it benefits the people’s well-being,” he said.

Muhyiddin, however, was disappointed that the mineral industry was not balanced among the upstream, middle and downstream levels.

Therefore, he said the plan launched today is a new national agenda that will be the main source of reference for all stakeholders to ensure holistic development of the industry.

“In line with rapid development in the era of the Fourth Industrial Revolution (Industry 4.0), demand for various types of mineral would continue to increase drastically.

“Technology for the future continues to depend on high mineral inputs, including in the manufacture of products to tackle climate change, such as solar panels, windmills, electric vehicles (EVs) and energy storage,” he said.

Realising that, Muhyiddin said Malaysia, as a country rich in mineral resources, should be wise in positioning itself and taking chances to explore and develop those resources.

“However, this does not mean that the government allows mineral industry activities to be carried out without control. The challenge the world needs to address is managing the industry without causing environmental damage and disruption to life,” he added.

  • The Edge Markets