Langkawi Development Authority targets RM1b investment this year
12 Feb 2023
Langkawi is targeted to receive investment worth RM1 billion in various forms of commercial investment including the construction of four- and five-star hotels, eco tourism products and shopping malls this year.
Langkawi Development Authority (LADA) deputy chief executive officer (planning and development sector) Wan Kamarul Faisal Wan Kamardin said last year the resort island received investments worth RM1.8 billion, an increase from the RM1.2 billion recorded in 2021.
He said although economic growth is relatively slow, the value of investment coming into Langkawi is still seen as positive in the economic recovery phase or the post-Covid-19 period.
“LADA welcomes various forms of investment to this island. Among the new investments that have a high impact and are much needed here are investments in health tourism such as specialist hospitals or health centres to make Langkawi a medical tourism hub in the country.
“In addition, investment in the field of education has great potential to be developed by creating an international university or college, making Langkawi an education hub,” he said in a statement today.
LADA is also optimistic to attract investments related to green technology which is one of the initiatives to preserve the environmental sustainability of the legendary island as well as being an added value to the tourism industry and its economy.
Meanwhile, Kedah Industry and Investment Committee chairman Datuk Ku Abd Rahman Ku Ismail said Langkawi is ready to become a major tourism investment hub in the country.
He said the inaugural organisation of the Langkawi Invest Day programme today, which aims to promote new investment opportunities, especially in the still unexplored tourism service sector, can help revitalise the tourism industry and economic growth in Langkawi.
“Langkawi is a famous tourist destination in the eyes of the world and is always the focus of investors. Thus, with this ongoing programme, LADA and its strategic partners can promote and offer land with potential from LADA and the state government to interested investors,” he said.
Ku Abd Rahman today inaugurated a one-day programme, Langkawi Invest Day themed ‘Unlocking Investment Opportunity For Sustainable Tourism’ organised by LADA, aimed at promoting investment in the tourism sector in Langkawi.