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Iskandar Malaysia Records RM64.38bil In Investments
 
News From : DagangHalal.com (12/21/2010)

JOHOR BARU: The total value of investments recorded by Iskandar Malaysia from the start of the development corridor project in 2006 until September 2010 is RM64.38bil.

The amount far exceeded the RM47bil target set for this year, Iskandar Regional Development Authority chief executive officer Ismail Ibrahim said yesterday.

"We have annual targets. We started collecting information about investments in 2006.

"The final target we have set upon maturity in 2025 is RM382bil," Ismail told Bernama during the 1Malaysia Media Travel Programme here.

He said a large percentage of the investments were from domestic investors.

"In the initial stage, it's true that we tried to get as much FDIs (foreign direct investments) even though we thought of local investors as long-term players and better in the terms of investment, but to create that initial interest, we had to bring in FDIs.

"Only through this way interest can be generated among local players. It is about confidence building. Our local investors always have the wait-and-see attitude.

"So, once we brought in all the big players such as Legoland, Pinewood Studios and so on, it opened up their eyes.

"Praise be to Allah, the performance for 2009 and 2010 has also given the indication that investments from abroad are no longer the majority investment.

"Last year, 52% or more were from here. So, it is really giving a picture of what's in store for us," he said.

A total of RM37.26bil or 58% from the total investments up to September were by domestic investors while the balance of RM27.12bil from overseas.

During the same period, RM26.89bil or 41.85 were spent to carry out development projects in the region.

Of the overall investment recorded, RM25.65bil was in the service sector, RM12.81bil in the tourism sector, RM19.64bil in properties and RM6.28bil in the government sector.

- Bernama

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