East Coast Economic Region attracted RM111.6b in investments over 2017
KUALA LUMPUR, January 10 — The East Coast Economic Region (ECER), established in 2008, successfully attracted private investments of RM111.6 billion as at end-2017, surpassing the investment target for 2020, three years ahead of schedule.
In a statement, the ECER Development Council (ECERDC) said of the total private investment, Domestic Direct Investments (DDI) emerged as a key contributor of 46 per cent to economic growth, reinforcing its pivotal role as the backbone of socio-economic growth of the region.
“Bumiputera investments under the [email protected] programme also made a significant contribution, by contributing 14 per cent of the total private investment in ECER.
“These investments have seen 177 projects worth RM16.2 billion in ECER benefitting from ECERDC’s tax incentives or [email protected]’s facilitation funds, or both. From these investments, more than 19,100 job opportunities were generated,” it said.
Moving forward, the growth momentum across ECER would be further fuelled with the construction of the East Coast Rail Line (ECRL), in terms of jobs creation and entrepreneurial opportunities for the locals.
This project would connect two major ports in Peninsular Malaysia, namely Port Klang and the Kuantan Port with key industrial and tourism hubs, whilst encouraging greater transit-oriented developments in the region.
“As an important backbone of transportation infrastructure, the enhanced connectivity and economic activities resulting from this project is expected to boost ECER’s economy by up to 1.5 per cent,” the ECERDC said. — Bernama
Source: The Malay Mail Online