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Attractive Prospects at Pagoh Special Economic Zone(PSEZ)…

>Special Features>Attractive Prospects at Pagoh Special Economic Zone(PSEZ)…

Attractive Prospects at Pagoh Special Economic Zone (PSEZ)

The Pagoh Special Economic Zone (“PSEZ”) Phase 1, a joint initiative by the Federal Government, Johor State Government and master developer, Sime Darby Property Berhad (Sime Darby Property), was launched by the Prime Minister, YAB Tan Sri Muhyiddin Yassin, on 27 March 2021 in Johor.

 

The project aims to spur economic and industrial growth in Pagoh and develop the Northern Region of Johor  economic zone by 2045. The first phase involves 850-acres to house the Industrial and Entrepreneurship Park with an estimated gross development value of RM1.1 billion in the next five to seven years.

 

PSEZ is designed based on four aspirations, namely making Pagoh the development driver for the Northern Region of Johor; transforming Pagoh into a sustainable and modern township; creating an industrial area based on the Pagoh Education Hub; and making public and private sector cooperation a benchmark for future collaborations. Leveraging on its proximity to Bandar University Pagoh, this project in Johor is strategically located at the heart of four (4) key economic nodes in Northern Johor i.e. Segamat, Tangkak, Muar and Batu Pahat.

With such competitive advantages, PSEZ is set to:

  • Build new economic drivers to attract investment;
  • Energise and modernise traditional industries;
  • Strengthen and expand industry-academia collaboration; and
  • Deploy inclusive economic development initiatives.

 

At the launch, Sime Darby Property’s Group Managing Director, Dato’ Azmir Merican said, “The first phase of the Pagoh Special Economic  Zone will leverage on our existing development in Bandar Universiti Pagoh where we have over 4,000 acres of residential, commercial, and industrial assets planned for development by 2051. This long-term integrated township has a gross development value of RM6.9 billion, and RM550 million has been invested into it so far.”

 

“The plan under this first phase will also complement the facilities available at the Pagoh Education Hub and provide a catalyst for socioeconomic development,” he added.

Prime Minister YAB Tan Sri Muhyiddin Mohd Yassin with Johor Public Works, Infrastructure, and Transportation Committee Chairman YB Tuan Haji Mohd Solihan bin Badri (right) and Sime Darby Property, Group Managing Director Dato’ Azmir Merican (left) at the launch of the Pagoh Special Economic Zone Phase 1 in Bandar Universiti Pagoh.

Pagoh is also the location of the first integrated Higher Education Hub in the ASEAN region and currently houses four Public Higher Education Institution campuses, namely Tun Hussein Onn University of Malaysia (UTHM), Universiti Teknologi Malaysia (UTM), International Islamic University Malaysia (IIUM) and Tun Syed Nasir Polytechnic (PTSN), with various common facilities such as sports complexes, libraries and convention halls that can accommodate up to 10,800 students.

 

During the launch, YAB Tan Sri Muhyiddin Yassin, announced that DRB-Hicom Berhad and Malakoff Corporation Berhad had expressed their interest in investing in PSEZ. He added, “The Government is committed to providing a conducive environment through several fiscal and non-fiscal incentives to attract qualified foreign and local investors to stimulate rapid growth in the Pagoh Special Economic Zone. For example, qualified investors can extend applications under the special incentive package for the Pagoh Special Economic Zone area, which offers income tax, stamp duty, and sales tax exemptions for 5 years on companies carrying out main targeted activities.”

 

The Government will also introduce capacity building programmes to increase opportunities in PSEZ in an equitable manner. All programmes will take an inclusive approach where increased access to employment opportunities and entrepreneurship will be carried out to benefit of all Malaysians.

 

A detailed study on the economic impact of the creation of PSEZ is being undertaken by the Economic Planning Unit of the Prime Minister’s Department and the Johor Corporation to determine the direction of subsequent phases.

The 430-acre Industrial Park in the first phase will offer 212 industrial lots

The launching ceremony of the Pagoh Special Economic Zone Phase 1 also saw the signing of a Letter of Intent between Sime Darby Property and representatives from companies that have agreed to locate their business activities in the soon-to-be developed Industrial Park and Entrepreneurship Park

 

Source: MIDA e-Newsletter May 2021

 

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