Johor secures RM14.23b in committed investments in first half of 2023 - MIDA | Malaysian Investment Development Authority
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Johor secures RM14.23b in committed investments in first half of 2023

Johor secures RM14.23b in committed investments in first half of 2023

30 Nov 2023

Johor has clinched committed investments totalling RM14.23 billion in the first six months of this year, the State Legislative Assembly was told today.

State investment, trade and consumer affairs committee chairman Lee Ting Han (pix) said RM10.88 billion, or 76.5 per cent of the total, came from the services sector while RM3.35 billion, or 23.5 per cent, was from the manufacturing sector.

The 422 approved projects are expected to create 6,898 job opportunities, he said.

“Based on the investment inflow trend, the state government is optimistic that investment activities will continue to grow rapidly, which will be reflected in the full-year statistics,” Lee said during the winding-up session at the sitting here today.

He said the state government, through Invest Johor, has announced several focus sectors at the industrial coordination committee meeting in May with the aim of gaining the awareness of and incentive support from the Federal Government.

Among the sectors to be given focus are electrical and electronics; life sciences and medical technology; manufacturing and advanced engineering; digital economy; green economy; halal; electric vehicle; aerospace; chemicals and petrochemicals; and ports and logistics.

Lee noted that the global initiative on sustainability and net zero carbon emissions by 2050 has become a mainstream trend, presenting the state government with various solutions that can be implemented, including in the development of a low-carbon economy.

“We expect to see increasing prospects of investors exploring business opportunities in the green technology sector following the launch of the National Energy Transition Roadmap (NETR),” he said.

In line with this, Lee and Datuk Seri Hasni Mohammad, chairman of the newly-established Johor Sustainability Centre, will be attending the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC), which will be held in Dubai from Nov 30-Dec 12, to attract investments in that sector.

Meanwhile, he said that to ensure the development of the Pengerang Integrated Petroleum Complex (PIPC) remains relevant, Johor Petroleum Development Corporation Bhd (JPDC) will conduct a review of the PIPC Master Plan.

He said the review will highlight new components in the energy transition field and focus on the chemical and petrochemical industry.

“This is an important step as PIPC has started to gain investment interest from industries that emphasise elements of the Sustainable Development Goals (SDG) and Environmental, Social and Governance (ESG) practices.

“The development of the next PIPC phase will comprise these new components,” the state assemblyman for Paloh said, adding that there would also be proposed improvements to the PIPC Project Steering Committee’s (PPSC) functions.

Earlier this week, Lee said the PIPC development, which is currently at the midpoint of the second phase (2020-2025), has attracted committed investments of nearly RM140 bilion, representing 90 per cent of the target set in the master plan.

Source: Bernama