MIDA Join Hands with ECERDC, UOB Malaysia and Viknesh & Yap Law Firm
Promote Economic Accelerator Projects along ECRL Corridor
27 February 2020, Kuala Lumpur – The Malaysian Investment Development Authority (MIDA), in collaboration with the East Coast Economic Region Development Council (ECERDC), UOB Malaysia and Viknesh & Yap Law Firm, organised a briefing session namely, “The Growing and Expanding Opportunities in the East Coast Economic Region” today. With over 100 participants from various industries, the event featured a line-up of speakers who provided insights on business opportunities and facilities available for companies to invest in the Economic Accelerator Projects (EAPs) along the ECRL Corridor.
In his welcoming remarks, Mr. Ahmad Khairuddin Abdul Rahim, Deputy Chief Executive Officer II of MIDA said, “MIDA is optimistic that through the EAPs, this rail project will contribute towards bridging the development gap between the east and west coasts of Peninsular Malaysia, given the potential growth for industrial, commercial and tourism sectors in the region. Companies must take advantage of the various initiatives that are available such as Pioneer Status, Investment Tax Allowance, Automation Capital Allowance and grants such as the Domestic Investment Strategic Fund (DISF) and Digital Transformation Acceleration Programme (DTAP) to grow their business in the country. MIDA is ever ready to assist domestic and foreign investors in expanding their investment here.”
The EAPs include the development of industrial parks in the East and West Coasts of Peninsular Malaysia to attract trade and investments along the ECRL corridorfrom both local and international investors alike. It also involves the establishment of logistics hubs at transport interchanges to promote connectivity and transportation of goods under the ECRL project, as well as transit-oriented development (TOD) stations to encourage new development and to support the growth of industrial parks.
As of June 2019, a total of 334 manufacturing projects have been implemented in the East Coast Region, with investments of RM34.6 billion. Of these, 63.3 per cent of the investments are derived from foreign sources and are mainly in industries for petroleum products (including petrochemicals), basic metals, chemicals and chemical products, electrical and electronics (E&E) products as well as rubber products. These projects have been instrumental in creating over 33,000 job opportunities in the country.
Encik Baidzawi Che Mat, Chief Executive Officer of ECERDC, credited the ecosystem of public-private partnership, implementation of strategic infrastructure projects and inclusive human capital programmes, which have turned ECER into an attractive investment destination resulting in the Region’s rapid growth.
“We have achieved significant progress despite the global economic challenges by working closely with the relevant government agencies and the private sector to attract and facilitate more private investments in the ECER. With what has been achieved in the ECER so far, we are confident that our Region has begun the next leap of socio-economic growth. As we continue to work closely with MIDA and other domestic and international investors, we will continue to spearhead ECER’s rapid growth to become a competitive, dynamic and vibrant investment destination. This, in return, will benefit the rakyat through the creation of jobs and entrepreneurial opportunities,” said En Baidzawi.
MIDA is the government’s principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram, Facebook, LinkedIn and YouTube.
About East Cost Economic Region Development Council (ECERDC)
The East Coast Economic Region (ECER) was established to ensure equitable distribution of wealth across the country, in line with national aspirations to become a high-income developed nation. ECER covers 51% of Peninsular Malaysia which includes the states of Kelantan, Terengganu, Pahang and the district of Mersing in Johor. It is home to 4.8 million people and is a rapidly transforming region that is steadily positioning itself as a distinctive, dynamic and competitive destination for investments. The economic growth in the Region is driven by six key economic clusters, namely Tourism, Oil, Gas and Petrochemical, Manufacturing, Agribusiness, Human Capital Development, Logistics and Services. These clusters are supported by developments in Transportation, Infrastructure, Property and Environment to make the Region an ideal destination for business, investments and quality living.
In continuing the socio-economic transformation of the Region, the ECER Master Plan 2.0 (EMP2.0) sets out comprehensive strategies and plans to guide the development of the Region until 2025. ECERDC has identified six (6) strategic initiatives under EMP2.0 that give equal emphasis on both the socio-economic development and the rakyat. The strategic initiatives consist of increasing labour productivity, diversifying the economic base, facilitating economies of scale, mobilising the labour force, leveraging connectivity, and enhancing the enabling infrastructure that will propel ECER in its next leap forward.
About United Overseas Bank (UOB)
United Overseas Bank (Malaysia) Bhd (UOB Malaysia) was incorporated in 1993 but has had a presence in Malaysia since 1951. UOB Malaysia is rated among the top banks in Malaysia with a long-term ‘AAA’ rating from Ratings Agency Malaysia. Guided by our rich heritage and values, we have built lasting relationships with our customers and continue to ensure we act in their best interest by delivering solutions that meet their financial goals and suit their lifestyles and preferences. Today, UOB Malaysia has 45 branches across the country and has the largest branch network of any foreign bank operating in Malaysia.
UOB Malaysia offers its retail and commercial customers a broad range of products and solutions that best suit their lifestyles, preferences and business life cycles. These range from personal financial services, corporate and commercial banking, investment banking and treasury services to wealth management and Islamic banking.
For more information:
Mr. Nazuki Abdullah
Director, Domestic Investment and Supply Chain Coordination Division, MIDA
Tel : 03-2267 6633 | Email: [email protected]
Mr. Saifol Bahri Mohamad Shamlan
General Manager, Investor Management Division, ECERDC
Tel : 03 2035 0000 | Email: [email protected]
Mr. Ahmad Faizal Bin Abdul Rahim
Vice President, Product Training, Islamic Banking Division, UOB
Tel : 03-2772 6630 | E-Mail: [email protected]