UAE Investors Interested to Invest in ECER, says Abdullah

5/11/2010 — BERNAMA
United Arab Emirates (UAE) investors are interested to tap the vast investment potentials in the East Coast Economic Region (ECER), says its adviser, Tun Abdullah Ahmad Badawi.
“They have expressed interests in the fields of agriculture, tourism, education, integrated resource wellness and health programmes,” he told Bernama here on Monday.
The former prime minister is leading the ECER Development Council’s (ECERDC) investment mission to West Asia from May 7-17.
The mission aims to attract investors from the Gulf regiion as well as enhance bilateral business relationship between Malaysia and the West Asian countries.
The members of the delegation include ECERDC chief executive officer (CEO), Datuk Jebasingham Issace John, Halal Development Corp CEO, Datuk Seri Jamil Bidin, Datuk Mahadiah Mohamad, deputy Pahang state secretary (development) and ECER Terengganu CEO, Zulkifli Mohamad.
Abdullah said the road map for collaboration has been set up, “so we need to go through the details.”
“The investors have also agreed to visit ECER either in July or August,” he said.
He said the mission also aimed to explain and give details on the plans to develop ECER.
“The investors are also told of the incentives, the infrastructure available, trained workers and communication facilities,” he said.
Abdullah said the mission was a success and expected deals to follow soon.
The region offers fiscal and non-fiscal incentives that are specially tailored to investors venturing into the respective ECER clusters namely, tourism, oil, gas and petrochemical, manufacturing, agriculture and education.
Two core incentives that apply to all projects are income tax exemption and investment tax allowance.
The investors may also enjoy attractive non-fiscal incentives.
They include premium land prices, flexibility in employment of expatriates, preferential tariffs for utilities, the granting of ECER status to eligible companies and provision of grants to viable projects, among others.
Meanwhile, Jebasingam said Abdullah’s connection and networking had led to the success of the mission here.
“Through his connection and assistance from our embassy here, we are able to quickly penetrate and get good feedback,” he said.
ECERDC, is a special-purpose vehicle to drive the implementation projects and key programmes identified in the ECER Masterplan.
It is also empowered to coordinate between the government entities in the promotion of trade, investment, tourism and development activities within ECER.
ECER covers Kelantan, Terengganu and Pahang, as well as the district of Mersing in Johor.