KUALA LUMPUR – The Ministry of Investment, Trade and Industry (Miti) has set up an Independent and Special Committee for Malaysia’s iron and steel industry to review and realign its direction towards achieving the objectives of the New Industrial Master Plan (NIMP) 2030.
In a statement, Miti said the committee will, among others, assess the short and medium-term outlook for the iron and steel industry and address issues of overcapacity.
The committee will also provide guidance on policy, particularly in green steel production and new product development, to substitute imports, promote exports, and evaluate industry matters linked to national security.
Investment, Trade and Industry Minister Tengku Datuk Seri Utama Zafrul Aziz said the establishment of this independent committee is to ensure the resilience and sustainability of the country’s iron and steel industry.
“What is also important is for them to explore solutions to help the industry keep abreast of the latest green manufacturing technologies, to be in line with Malaysia’s commitment to reduce greenhouse gas emissions by 45% by 2030 and achieve carbon neutrality by 2050.
“Execution is key, and timing is of the essence. As such, I have requested the committee to present their comprehensive study on Malaysia’s iron and steel industry within six months,” he said.
HSBC Bank Malaysia Bhd chief executive officer Datuk Omar Siddiq has been appointed as the committee’s chairman and will be supported by Prof Dr Ong Kian Ming, Datuk Hisham Hamdan, Yeoh Wee Jin, and Chen Li-Kai, while Jarrod Lim Keng Yow has been appointed as the secretary to the committee. – January 23, 2024