THE East Coast Economic Region Development Council (ECERDC) managed to attract investments worth RM5.5 bil in the East Coast Economic Region (ECER), on top of realising investments totalling RM4.2 bil, despite the pandemic.
In a statement, ECERDC said that the Government’s decision to extend investment incentives until Dec 31, 2022 for investors into the region was key to attract new investments to the economic corridor.
“Among the incentives under the ECER Incentive Package are income tax exemption, investment tax allowance, deduction for agriculture investment and stamp duty exemption for promoted activities.
“ECERDC will capitalise on the incentives to aggressively promote ECER as an investment destination over the next two years, to regain lost ground due to the pandemic.
“Barring further indications of a prolonged global economic downturn caused by COVID-19, ECERDC is maintaining its target of securing a total of RM70 bil in private investments by 2025, as outlined in the ECER Master Plan 2.0 (EMP 2.0),” said its CEO Baidzawi Che Mat, in a statement.
Among the main sectors the region is looking at is promoting agribusiness, tourism and human capital development.
As the pandemic made many nations realise the importance of self-sufficiency in terms of food production, Baidzawi said that ECERDC’s agribusiness initiatives are on track towards achieving its targets and contribute towards improving Malaysia’s ranking on the Global Food Security Index (GFSI).
Malaysia’s position under GFSI in 2019 jumped from the 48th to 28th spot.
“ECERDC will continue with the key strategy of implementing the Anchor Company Model, building basic infrastructure to attract investors, maximising the use of land to increase agro-food production and providing customised incentives as additional attraction for investors.
“The Anchor Company Model has proven to be a highly successful public-private partnership initiative to further strengthen the domestic agro-food production with the use of modern technology,” he said.
On tourism, Baidzawi said his team has completed tourism projects, which are now becoming iconic destinations for local tourists, such as the Kuala Terengganu City Centre (KTCC) Drawbridge, Kuantan 188 Tower in Pahang, Tanjung Penyabong development in Mersing.
“We are also undertaking the Kampung Laut redevelopment and Palekbang bridge project in Kelantan.
“Moving forward, with islands being among key places of interest for tourism, ECERDC will be focused on enhancing infrastructure and facilities by taking into account the carrying capacity of ECER’s world-renowned island destinations to protect the natural assets.
“This will support sustainable tourism not only for domestic tourists but also in preparation for foreign arrivals when things get better,” he added.
However, Baidzawi acknowledged that COVID-19 has severely impacted the economy, particularly in the eastern region, but remained hopeful that investors will continue pouring to its potential.
“ECERDC remains optimistic that calmer waters lie ahead and we will continue to deliver the needed high-impact projects and programmes to ensure a well-balanced development in ECER, which will attract high-quality investors and facilitate economic recovery,” he remarked. – Jan 23, 2021.
