5/11/2011 — Bernama
The East Coast Economic Region Development Council (ECERDC) is currently taking part in the inaugural Annual Investment Meeting (AIM) 2011 on May 10-12 in Dubai, United Arab Emirates (UAE) to further promote the East Coast Economic Region (ECER) among the international investors, especially those from the Gulf Cooperation Council (GCC) countries.
ECER will be the main participant from Malaysia to be represented at AIM 2011. The three-day event is an initiative by the UAE Ministry of Foreign Trade and it is expected to attract over 1,000 participants, including several heads of states, government officials and top investors from 76 countries.
“Through ECERDC’s participation in AIM 2011, we aim to increase the awareness on ECER and the investment opportunities that are available in the region among the global investors, especially from GCC nations. This is in line with our goal to become the preferred investment destination among the international investment community,” said ECERDC Chief Executive Officer, Dato’ Jebasingam Issace John in a statement today.
“We aim to attract RM2 billion worth of investment, especially from the Middle Eastern nations, following our participation in AIM 2011 and through several other programmes,” he said.
Various programmes have already been lined up for AIM 2011 participants, such as exhibition, one-to-one meetings, AIM Conference, business workshops, country presentation and matchmaking symposium, among others.
ECERDC has set-up the ECER booth at Dubai International Convention and Exhibition Centre, the venue for AIM 2011. ECER’s booth was jointly officiated on Tuesday by H.H. Crown Prince Of Dubai Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, H.E. UAE’s Minister of Foreign Trade Sheikha Lubna Binti Khalid Al Qasimi and H.E. Malaysian Ambassador to the UAE Dato’ Yahaya Abdul Jabbar.
Issace is also one of the speakers at the AIM 2011 conference, where he will be talking about Investment Opportunities in ECER.
“ECER’s key strengths lie in its strong resources endowment, competitive land cost, incentives and cost of doing business, strong potential for property development and lower cost of living,” said Issace during his presentation.
The planned projects in ECER, which include the Palm Oil Industrial Cluster, Herbal & Biotech Product Cluster, Gambang Halal Park, Pasir Mas Halal Park, Kuantan Port and Kertih Polymer Park, are also inter-related and supports a self-sustaining economic region, he added.
Investors can also explore the opportunities in ECER tourism projects such as the Mainland Coastal Tourism Development in Pantai Sepat, Cherating and Kijal.
He added that ECERDC-led projects in ECER are a unique type of public-private partnership where both the public and private sectors will collaborate together in implementing the economic projects.
“Our projects are also formulated to tap into the opportunities in the Halal New Growth Clusters which have a total estimated value of USD$274 billion worldwide,” Issace noted. The Halal New Growth Clusters cover cosmetics & personal care products, Islamic finance, agricultural (food and non-food), logistics, pharmaceuticals and travel industry. ECER’s strategic location also enables investors to tap the Asia Pacific market with a total population of 2 billion.
ECER’s edge also lies in its highly attractive fiscal and non-fiscal incentives. The region’s fiscal incentives include ten years tax holiday which is effective from the day the company derives its profit.
Non-fiscal incentives are also granted by the respective State Governments to approved companies. They include discount rate for land premium, quit rent and land assessment, guaranteed land lease periods for a specific time period and flexibility in the employment of expatriates.
Prior to AIM 2011, ECERDC has already engaged with several potential investors from the Gulf Cooperation Council countries including Al Dharfa Holdings Abu Dhabi, Al Aroud Group, Al-Ain International Group, Al Hameed Enterprise and Abu Dhabi Fund for Development, Issace said.
ECER, which covers the states of Kelantan, Terengganu, Pahang and the district of Mersing in Johor, is a rapidly transforming region that is steadily positioning itself as a distinctive, dynamic and competitive destination for investments.
Between 2007 and end-February 2011, ECER has attracted RM38 billion (USD12.2 billion) worth of investments from both local and overseas, of which RM23 billion (USD7.4 billion) has been received.