Thursday, May 1, 2008

WiEF: Iskandar Malaysia hits 70pc investment target, says IRDA ceo

Taken from NST - By : Hamidah Atan in Kuwait
ISKANDAR Malaysia, the country's southern economic corridor, is progressing well. More than 70 per cent of the US$14.9 billion (RM47 billion) investment targeted by 2010 had already been achieved, Iskandar Regional Development Authority chief executive officer Datuk Ikmal Hijaz Hashim said.

He was speaking to Malaysian journalists on the sidelines of the fourth World Islamic Economic Forum (WIEF) , of which Malaysia is the chair. Speaking after a parallel session on "Infrastructure And Real Estate Development" where he was one of the presenters, Ikmal said commitments had been received for investments valued at more than US$10.4 billion.

Ikmal said the ambitious project was well-positioned in view of its strategic location. A comprehensive development plan that stretches until 2025 had also been laid down and this would further promote and facilitate economic development.

An international destination resort on 1,200 hectares, a cyber city, golf village, creative park and a heritage district are among the distinctive features planned for Iskandar. It would also see 1.46 million high-value jobs created by 2025. "There are already many industries operating in the region, including petrochemical, tourism and services. All this will be strengthened with healthcare services, education, financial and creative industries," said Ikmal.

Eighteen months after its launch, Iskandar is now entering Phase 3 of its development. "In July, Johor's new state administrative centre will be completed. This will add vibrancy to the area," Ikmal said.He also said that Iskandar remained one of Malaysia's favourite places for foreign direct investments. Twenty-six developers are already involved in the project. "We have big names such as UEM, Sime UEP Properties Bhd and Gamuda."

The Iskandar Regional Development Authority will launch a security blueprint to make the region safe for investors as well as local residents. "Besides the deployment of more security personnel and police officers, the government will invest about RM300 million to build 30 police stations in the area." Ikmal said consultants would be appointed to carry out a study on the blueprint, which was expected to be ready within four months.

Meanwhile, UEM Group international business senior director Datuk Rosli Sharif said through WIEF, the group was able to showcase its capabilities as well as past, present and future projects in Malaysia such as the Nusajaya, North-South Expressway, second Penang Bridge, and the Bukit Jalil Sports Complex. They also showcased projects outside the country, including the construction of highways in India and Qatar. UEM is a platinum sponsor for the forum. "By participating in WIEF, we hope to be able to attract potential business partners, especially from countries such as the United Arab Emirates, Saudi Arabia, Indonesia and Qatar."

1 comment:

  1. few things come to mind when the announcement of committed investments in Iskandar Malaysia reaches USD10.4 billions.

    1) The source of this investment (from local treasury or FDIs)
    2) who are the investors (will it have conflict of interest with Malaysia's security etc?)
    3) Will the foreign investors (if any) practice good corporate responsibilty towards the local manpower?

    More importantly, what are the action plans needed to ensure longevity and continued success of Iskandar Malaysia. We do not want to see a corridor which will turn into ghost towns in the not too distant future.