Malaysia imposes 2-year moratorium to address iron and steel industry's challenges
Time:Fri, 17 Nov 2023 09:21:33 +0800
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The Malaysian Ministry of Investment, Trade and Industry (MITI) has imposed a two-year moratorium effective August 15, 2023, to reassess the local iron and steel industry's challenges and align them with the New Industrial Master Plan (NIMP) 2030.
The temporary suspension covers a variety of activities, including inquiries, assessments, new applications, license transfers, and diversification of the iron and steel industry.
However, manufacturing license applications that support the NIMP 2030 agenda and high-value complex iron and steel products using low-carbon technologies may be considered exempt from the suspension.
New manufacturing license applications will also be assessed during the suspension period based on the 12 parameters outlined in NIMP 2030. However, the government has not finalized the specific details of the assessment criteria.
