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ECER attracts RM12b investments in first half year
The East Coast Economic Region (ECER) has secured RM12 billion investments in the first half of the year and a cumulative investment of RM32.7 billion from 2007, Prime Minister Datuk Seri Najib Tun Razak said.
Speaking after chairing the East Coast Economic Region Development Council's second meeting in Kuala Lumpur yesterday, the Prime Minister said for the first six months of the year, the tourism cluster brought in the most investments of some 55 % of the total, followed by 31% from manufacturing, 8% from agriculture, 5% from education and1% from services.
These investments are expected to be implemented this year.
Among the notable investments approved in the first six months was US-based Gevo Inc’s investment of RM1.65 billion to build the world's first bioisobutanol plant in the Kertih BioPolymer Park (KBP) in Terengganu, which will be the largest biorefinery complex in Asia.
Another was a RM2 billion investment by CJ Arkema, a joint-venture between France's Arkema SA and South Korea's CJ Cheil Jedang Corporation, to develop the world's first biomethionine plant in KBP, which is expected to start construction in the third quarter of the year, after infrastructure at the site has been completed.
From the total RM32.7 billion, some RM21.9 billion has already been implemented creating 30,000 jobs and contributing RM7 billion in gross national income (GNI), he said, adding that it showed the Government’s efforts in transforming ECER into a developed area by 2020 is seeing returns.
The increase in investment inflows to the economic corridor was supported by the progressive upgrading of the infrastructure in the ECER and the stepping up of investment promotions by the ECERDC together with Malaysian Investment Development Authority (MIDA) and the Ministry of International Trade and Industry (MITI).
ECER is also well-placed to draw quality investors from various industries, including world-class companies in the biotechnology sector.
Meanwhile in Kelantan, the RM4.5 billion Tok Bali integrated port project to be developed by the East Coast Terminal Sdn Bhd is set to transform the area into a logistics hub for fish-based industries, tourism and the oil and gas sector.
Adapted from New Straits Times 1 Aug 2012
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