RM2b to pour into state with 'carrot'

12/4/2008 — NST
The East Coast Economic Region is expected to attract up to RM2 billion in private investment following the approval of incentives by the ECER Development Council.
Prime Minister Datuk Seri Abdullah Ahmad Badawi said investors who start their operations at the Kerteh Plastic Park (KPP) before Dec 31, 2015 will be eligible for the incentives.
“With the incentive package, KPP is expected to attract RM2 billion worth of investments that could create 7,000 jobs.
“KPP will also be able to generate development in the manufacturing industry and those related to packaging, medical equipment, building materials, composite and automotive materials.
“In addition, it will encourage the growth of local small- and medium-scale industries,” he said at the opening of the Kerteh Plastic Park yesterday.
Abdullah also noted that KPP had attracted five investors, including Hi-Essence Cable Sdn Bhd, which is investing RM85 million, Latenfield Pipe Industries Sdn Bhd (RM40 million) and FMD Polypipes Industry Sdn Bhd (RM20 million).
He said of the 106 projects planned under the initiative, 77 have begun or were in the process of being implemented by next year.
In the next 12 years, he added, the ECER was expected to attract RM112 billion in investments, of which 47 per cent would come from the private sector.
Earlier, when launching the ECER seminar at the Public Service Department Institute in Kemaman, Abdullah said those involved in the implementation of the ECER must look at the initiative seriously.
“We don’t want those who are not focused. That is why the training must be of high quality. We need to be serious.”