Iskandar Malaysia records RM16 bln cumulative investment for 1H 2020
02 Sep 2020
Iskandar Malaysia recorded a cumulative investment of RM16 billion in the first half of 2020 (Jan–June) compared with RM16.75 billion in committed investment in the first half of 2019.
The RM16 billion investment brought the main southern development corridor’s total cumulative investment from 2006 to June 2020, to RM332.11 billion, said Iskandar Regional Development Authority (IRDA) in a statement here today.
The regulator said out of the RM332.11 billion total cumulative investment, RM194.28 billion or 56 per cent was the total cumulative realised investment from 2006 to June 2020.
“From the RM332.11 billion, 60 per cent or RM199.27 billion came from domestic investment, while foreign investment stands at 40 per cent or RM132.84 billion led by investment from China, Singapore, United States, Japan and the Netherlands,” said IRDA.
Johor Menteri Besar Datuk Ir Hasni Mohammad said the pandemic provided IRDA time to reassess and reevaluate its strategies in achieving its investment target despite the new norms and changes that had to be addressed.
“Despite the challenges presented by the COVID-19 pandemic, I am convinced that Iskandar Malaysia will continue to capture the interest of the investors and that we will still manage to reach the RM383 billion target in 2025.
“I believe that Malaysia has done a good job in managing the COVID-19 pandemic and this has helped the country to bounce back as quickly as possible. In Johor, this will further be boosted by the recently announced seven initiatives to help raise investors’ confidence in the state,” he said.
Hasni who is also IRDA co-chairman said the seven initiatives are establishment of Ibrahim Johor Economic Council, Johor Digital Masterplan, Singapore-Johor-Riau Growth Triangle Development, Johor Economic Trade and Cultural Office in Singapore, New Economic Alignment, Johor Food Bank and Johor Sustainable Development Plan 2019-2030.
He noted that Iskandar Malaysia’s advantages and strengths in reliable partnerships with its many stakeholders, strategic location and readily available human resources would add to the pulling factors to attract investment and investors to Iskandar Malaysia and help the region and Johor attain the target.
Earlier this year, the US Trade and Development Agency (USTDA) said it was providing grant funding for technical assistance to Iskandar Malaysia in regard to management of its urban planning and development through advanced data analytics.
Specifically, USTDA’s grant would develop implementation plans for the Iskandar Malaysia Urban Observatory project, a top smart cities priority for Malaysia.
Meanwhile, IRDA chief executive Datuk Ismail Ibrahim said IRDA continues to engage with its investors prior and during the Movement Control Order.
“As mentioned earlier, it is expected that many investors will be revising their plans but it is not immediately known at this stage on the length of time required for them to rejuvenate their investment plans.
“Judging by the bullish International Monetary Fund’s forecast on Malaysia’s gross domestic product growth for 2021 (to soar nine per cent), we remain confident that Iskandar Malaysia will be a key beneficiary post-Covid-19,” he added.