RM27b investment spent in Iskandar Malaysia

A total of RM26.89 billion or 42 per cent of the committed investments of RM64.38 billion in Iskandar Malaysia have been spent on projects on the ground as at end of September.

A statement from the Iskandar Regional Development Authority (IRDA) said the 9th meeting of the Members of Authority (MoA) of IRDA, which was chaired by Prime Minister Datuk Seri Najib Tun Razak on Monday, was pleased that several key projects were on track and ready to commence operations in 2011/2012.

These include the Netherlands Maritime Institute of Technology (recruitment to start in 2011); Newcastle Medical University Malaysia (in October 2011); Johor Premium Outlets (in November 2011); LEGOLAND theme park in Medini North (2012); Lifestyle Retail Mall@Medini (2012); and Marlborough College Malaysia (2012).

Najib is the IRDA co-chairman with Johor Menteri Besar Datuk Abdul Ghani Othman.

The statement said Iskandar Malaysia's positive growth continued to be on track for 2010 with greater awareness locally and internationally.

This was achieved despite the weak worldwide economic growth last year but following a strong rebound of regional economies in 2010.

It said the meeting also discussed strategies to woo more local and foreign investments to Iskandar Malaysia.

IRDA members were also informed that Iskandar Malaysia has been in the forefront of implementing the government's Economic Transformation Programme (ETP), aligned with the New Economic Model (NEM).

Seven of the 12 National Key Economic Areas (NKEAs) under the ETP are being promoted in the region, it said.

The statement said several Entry Point Projects (EPPs) under the NKEAs not only offered business opportunities to local and foreign investors but also help develop Iskandar Malaysia to be "a strong and sustainable metropolis of internatioal standing".

The MoA noted that Iskandar Malaysia continues to attract interest from investors given its strategic location, strong brand, competitive cost of doing business, transparency and good investment environment.

The economic corridor attracted 58 per cent domestic and 42 per cent foreign investments, with positive outlook from Singaporeans, both in the manufacturing and services sectors.

IRDA said it is also targeting at more impactful promotions and marketing activities next year.

The MoA was also given updates on the progress of the Johor Baharu Sentral Business District Transfrmation Plan and the Iskandar Malaysia Human Capital Blueprint initiatives, among other matters.

By Bernama