12/17/2010 — New Straits Times
The East Coast Economic Region (ECER) has attracted RM36.5 billion worth of investments since its inception in 2007 until November this year, both domestic and overseas, Prime Minister Datuk Seri Najib Tun Razak said.
“Of the amount, RM15.3 billion worth of investments have already been received,” the prime Minister said after chairing the East Coast Economic Region Development Council (ECERDC) third council meeting for the year, here, today.
The investments received were for 158 projects which would create 17,500 new job opportunities in the area.
Among the investors are Eco Tower Sdn Bhd from Singapore and Oilfields Supply Centre Ltd from the United Arab Emirates (UAE), as well as local companies such as Sentoria Themeparks and Resorts Sdn Bhd and Hi Essence Sdn Bhd.
“All these encouraging figures reflect investors’ trust and confidence in ECER as a distinctive, dynamic and competitive investment destination,” Najib said.
“Most of the basic infrastructures in ECER are already in place and the region also offers a very competitive package of both fiscal and non-fiscal incentives (for investors),” he added.
Najib also said he was pleased with the focused investment promotion efforts undertaken by ECERDC this year and the progress shown by ECER in terms of project implementation.
The development in ECER is progressing well on track, with all the projects approved by the government under the 9th Malaysia Plan (9MP) currently in various stages of implementation.
The projects, which have a total value of RM1.4 billion, cover the key economic clusters of tourism, oil, gas & petrochemical, manufacturing, agriculture and education.
Chief Executive Officer of ECERDC, Datuk Jebasingam Issace John said all the projects implemented in ECER were in line with the New Economic Model (NEM) and they included Entry Point Projects (EPP) where the emphasis is on private investment-led projects, and will contribute significantly to the Gross National Income (GNI).
“Projects such as Pekan Agropolitan, South Kelantan Agropolitan and Besut-Setiu Agropolitan will also help boost the earnings of the low-income and hardcore poor group and ultimately, reduce poverty level in the region,” he added.
“The transformation of ECER is currently in motion and we are confident that its vision to become a developed region by 2020 is well within reach.”
According to a statement by ECERDC, among the key highlights recorded by ECER to date are the Kuala Terengganu City Centre (KTCC) development. Kuala Terengganu is now ready for a major transformation under the KTCC project.
The development of KTCC will see the state capital being developed into a vibrant Heritage Waterfront City and an international tourism gateway to the East Coast.
The project consultant for KTCC development was appointed in 2009 and the project study is currently in the final stages.
Detailed design works and infrastructure development for KTCC is scheduled for implementation under the 10th Malaysia Plan (10MP).
It is projected that the development of KTCC’s North Breakwater and South Breakwater will generate a total investment worth RM3.9 billion, of which RM3.5 billion will be from the private sector.
ECER attracts RM36.5b in investments
12/17/2010 — New Straits Times