KRC attracts RM2.1 bln investments from local rubber industry players - Kedah MB - MIDA | Malaysian Investment Development Authority
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KRC attracts RM2.1 bln investments from local rubber industry players – Kedah MB

KRC attracts RM2.1 bln investments from local rubber industry players – Kedah MB

18 Jan 2021

The high-impact Kedah Rubber City (KRC) project in Padang Terap has so far attracted potential investments of more than RM2.1 billion with more than 5,000 jobs generated by local rubber industry players.

Kedah Menteri Besar Muhammad Sanusi Md Nor said buoyed by the attractive and comprehensive fiscal incentive package, the industry players had given their commitment to be part of the project which is expected to start operating in the second quarter of next year.

“KRC has great potential in line with the increasing global demand for rubber products. The first phase of the project started last year and the progress of its implementation is currently more than 30 per cent.

“Works on the manufacturing and logistics ecosystem is underway and KRC will be ready to accept investors starting this year,” he said in a statement here today.

Muhammad Sanusi said once fully completed, KRC is ready to drive Malaysia back as a world leader in the rubber industry which will benefit the people through new job opportunities and increased income.

KRC, spanning ​​503 hectares in Padang Terap, is the first national status rubber industrial park project in Malaysia undertaken by the state government in collaboration with the Northern Corridor Implementation Authority (NCIA).

Meanwhile, the Menteri Besar said tapping into growing global demand for rubber medical grade gloves, NCIA has also approved a new investment worth RM10 billion from a major glove manufacturer that has expressed interest to expand its production lines at the Kulim High-Tech Park and the Bukit Kayu Hitam Science and Technology Park.

Meanwhile, NCIA chief executive officer Datuk Seri Jebasingam Issace John said the Northern Corridor Economic Region (NCER) had approved investments through its fiscal incentives worth almost RM10 billion and generated more than 15,000 jobs in the manufacturing, logistics and agribio sectors for Kedah last year.

He said the NCER’s success in attracting investments during this challenging period is evidence of the economic resilience of the country and the region.

“Coupled with the focus on enhancing the NCER talent ecosystem through integrated human capital programmes, the people are expected to see strong and sustainable socio-economic development when this challenging period ends,” he said.

Source: Bernama