RM72bil investment expected at PKNP’s Lumut maritime industrial city
11 Oct 2022
Perbadanan Kemajuan Negeri Perak (PKNP) has partnered with Port of Antwerp-Bruges, a leading European industrial port, to establish Lumut Maritime Industrial City (LuMIC) in Manjung.
An estimated RM72 billion wass set to be invested in the development over the next 25 years, PKNP chief executive officer Datuk Redza Rafiq Abdul Razak said.
LuMIC will be focusing on industries involved in the maritime and logistics sectors, as well as those directly involved in international trade routes.
Redza said as a state economic development corporation, this was part of PKNP’s strategic plans to transform Lumut into a modern and sustainable township.
He said LuMIC was set to be an engine of growth for Perak and the Northern Corridor Economic Region, driven by private sector participation via both foreign and domestic direct investment, special economic zone incentives and strong industry-academia collaboration.
“Capitalising on Perak’s vast mineral deposits and the current economic activities in Lumut, maritime-related facilities will be further developed within LuMIC based on interested investors or vendors’ requirements.
“Looking ahead to the foreseeable future, one of the proposals for LuMIC entails establishing full-fledged terminal facilities to serve the industries within the hub, across Perak and serving as a gateway to the Asian region,” he said.
LuMIC is also expected to create positive economic spillover for the surrounding areas and communities at various stages of its development.
He said LuMIC was expected to unlock more than 51,000 job opportunities for a highly skilled talent pool and invigorate other sectors such as property, infrastructure and tourism, among others.
“This will further support socio-economic development for the state of Perak. To realise these aspirations, we are pleased to partner with the Port of Antwerp-Bruges, the second-largest industrial port in Europe.
“Testament to its capabilities, the volume of freight loaded and unloaded in Antwerp has doubled over the past 20 years to 231 million tonnes.” he added.
The establishment of LuMIC will entail the development of an exclusive maritime zone in Perak, providing tax and non-tax incentives to investors.