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KUALA LUMPUR – Federal government agencies has been directed to place due emphasis on improving three main corridors on the peninsula as part of the efforts to boost the nation's economy.
Prime Minister Datuk Seri Anwar Ibrahim has ordered for development and infrastructure projects around these areas to be expedited, and for relevant processes between the federal government and states, such as land transfers, to be simplified.
“In addition, the planning and development of economic corridors also need to take into account planning and development potential with neighbouring countries,” he said.
The three corridors recorded cumulative investments of RM759.2 billion in 2022
Anwar, who is also the Minister of Finance, said a total of RM185 billion in cumulative investments had been recorded by the Northern Corridor for 2022, which exceeded the target of RM146.5 billion for the years 2021 to 2025.
Iskandar Malaysia recorded RM409.5 billion in committed investments compared to the target of RM383 billion to be achieved by 2025.
The East Coast Economic Region received committed investments amounting to RM164.7 billion, he said
He was speaking after chairing a meeting attended by representatives from the Northern Corridor Implementation Authority, the Iskandar Regional Development Authority and the East Coast Economic Regional Development Council, here yesterday.
Also present were relevant heads of state, federal and state government members, as well as industry representatives.
Anwar said in line with the MADANI Economy agenda to restructure the national economy, the government has decided to implement the rationalisation of investment promotion agencies.
“Promotional activities and approval of investment incentives will be centralised to the Ministry of Investment, Trade and Industry (Miti) through the Malaysian Investment Development Authority (Mida).
“The corridor authority will focus on supporting the implementation/realisation of investments,” he said in a post on X, the social media platform formerly known as Twitter.
The meeting also discussed the status of incoming investment and infrastructure developments related to each corridor.
On October 16, Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz had said that Mida will continue to support the promotion of corridors based on regional strengths and look at the needs of every state in line with the government’s aspiration of uplifting economic complexity.
Mida is also supervising negotiations over a total of 984 proposed projects, involving estimated investments of RM105.3 billion, as of August 31, 2023.
Of these, foreign direct investments made up RM89.5 billion of the total while direct domestic investments comprised RM15.8 billion.
“They included 53 proposed manufacturing projects with investments worth RM73.6 billion and 931 proposed projects in the services sector involving RM31.7 billion in investments,” Zafrul had said in the Dewan Rakyat.
He also stressed that the government, through the National Investment Council, has agreed to review the investment promotion agency ecosystem starting with the phased streamlining of their roles and functions to ensure every state benefits from economic spillover. – The Vibes, October 26, 2023