Iskandar Malaysia to woo investors

by | Jul 14, 2021 | Business, LOCAL | 0 comments

Iskandar Regional Development Authority (IRDA) is looking at new ways and strategies to woo domestic and foreign investors despite the Covid-19 pandemic, although the global economic outlook was not promising and likely to impact growth in Malaysia.

The region is ready to adopt to the new normal of the Covid-19 pandemic through three phases of development such as by building on its new expansion area, harnessing big data and focusing on newly promoted sectors like modern farming.

Under the Comprehensive Development Plan (CDP2006-2025), Phase 1 will be about planning and building the foundation while Phase 2 was about strengthening and generating growth. Phase 3 is about sustaining and innovating.

IRDA has attracted RM341.4 billion in cumulative committed investments since 2006 and 61 percent of the amount has already been realized. The 61 percent which amounts to RM209.9 billion was led by the manufacturing sector followed by logistics, tourism, creative services and healthcare services.

For the financial year 2020 the region recorded an investment of RM24 billion. This amount is below the average RM30 billion that it registered annually for the past few years. This year’s projection is RM 17 billion owing largely to the Covid-19 pandemic.

Nevertheless IRDA is confident of capturing the interest of investors to reach the RM383 billion target in 2025. IRDA claims that hitting over RM40 billion in the next four years is achievable despite the changes and new norm as a result of the pandemic.

Iskandar Malaysia is the country’s first economic growth corridor launched on November 4, 2006 spanning 2,217 sq. km or three times bigger than the island of Singapore. It is divided into five flagship development zones – JB City Centre, Iskandar Puteri, Eastern Gate Development Zone, Western Gate Development Zone and Senai-Kulai.