Malaysia introduces special economic zone

8/5/2009 — Xinhua /
Malaysia Tuesday introduced a Special Economic Zone (SEZ) to boost economic growth for its east coastal region, local media reported.
The SEZ was aimed to attract 90 billion ringgit (25.7 billion U.S. dollars) to an area covering two east coastal states of Terengganu and Pahang, said Malaysian Prime Minister Najib Tun Razak when he launched the zone in Pekan, his hometown in the Pahang State.
The area measuring 25 kilometers by 140 kilometers would create220,000 jobs by 2020, he said.
He said that SEZ has special incentives for investors, including a ten-year tax exemption, 100 percent investment tax allowance, and exemptions from import and export duties.
Najib added that SEZ would attract more investments to the East Coast Economic Region (ECER).
ECER was launched in 2007 by former Prime Minister Abdullah Ahmad Badawi and it was aimed to develop the east coastal area covering four Malaysian states of Kelantan, Terengganu and Pahang,as well as Mersing, a northern district of the Johor State.