ECER drew RM2.6 bln committed investments in Q1 2021 - MIDA | Malaysian Investment Development Authority
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ECER drew RM2.6 bln committed investments in Q1 2021

ECER drew RM2.6 bln committed investments in Q1 2021

15 Apr 2021

KUALA LUMPUR, April 15 — The East Coast Economic Region (ECER) managed to attract committed investments worth RM2.6 billion in the first quarter of 2021 despite facing numerous challenges brought about by Covid-19.

It secured a cumulative committed investment of RM17 billion under the ECER Masterplan 2.0 (EMP 2.0) from 2018 until February 2021, that is expected to create more than 15,000 jobs and 1,800 business opportunities.

East Coast Economic Region Development Council (ECERDC), the body that oversees the development of ECER, has maintained its target for private investment worth RM70 billion by 2025 as underlined in the EMP 2.0.

Chief executive officer Baidzawi Che Mat said ECERDC would continue to focus on attracting foreign investment from Regional Comprehensive Economic Partnership (RCEP) countries such as Japan, China and South Korea as well as intensifying efforts to draw investments from Germany and two new target countries, Russia and India.

“In the short-term, we expect it will be a challenge to attract new investment because the economy is still in recovery phase owing to the pandemic,” he said in a statement in conjunction with an ECERDC council meeting today.

However, he said based on the current trend that showed declining daily Covid-19 cases globally following intensified vaccination implementation, increased oil price and increased interest in food chain diversification and food security, ECERDC has drafted plans to enhance the competitiveness of the economic region as an investment destination and restore investment momentum.

The meeting was chaired by Prime Minister Tan Sri Muhyiddin Yassin and attended by Kelantan Menteri Besar Datuk Ahmad Yakob, Terengganu Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar, Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail, Senior Minister cum Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali and Minister of Finance Datuk Seri Tengku Zafrul Aziz.

Source: Bernama