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East coast development agency targets RM3 bil investments for Kelantan in 2023

East coast development agency targets RM3 bil investments for Kelantan in 2023

09 Mar 2023

The East Coast Economic Region Development Council (ECERDC) has set a target of attracting RM3 billion in committed investments to Kelantan this year, covering the agriculture, agribusiness, manufacturing, and energy sectors.

“As of February 2023, ECERDC has already attracted RM1.1 billion in committed investments and I am confident that ECERDC will be able to meet its investment target,” said the council’s chief executive officer Datuk Baidzawi Che Mat.

“I also believe that ECERDC will be able to attract more investments in the agriculture sector into Kelantan which supports the government’s food security agenda,” he added in a statement.

The statement said Kelantan Menteri Besar Datuk Ahmad Yakob, who chaired a meeting of the ECER Implementation and Coordination Committee (ICC), looked forward to more investors taking advantage of the Kelantan Special Incentive Package.

“Under the Kelantan Special Incentive Package, eligible investors can enjoy a 0% income tax rate for 15 years and an extension of another five years at a special rate of 17%,” said ECERDC.

The council also said non-citizens holding senior management positions in companies that are included under this initiative will only be subjected to a flat tax rate of 15% as an added incentive.

Members of the ICC were also briefed on the ongoing effort to register Masjid Kampung Laut as a national heritage monument, and on the Tok Bali Integrated Fisheries Park, which is expected to be completed by the end of April, said ECERDC.

Source: The Edge Markets