PETALING JAYA: The East Coast Economic Region (ECER), which was established 10 years ago, has attracted RM111.6 billion in private investments as at end-2017, surpassing its investment target of RM110 billion by 2020, according to ECER Development Council (ECERDC).
This in return has contributed significantly to ECER’s overall gross domestic product (GDP), which has increased RM9.7 billion equivalent to 1.8% from the 3.9% GDP growth between 2007 and 2016, the government’s statutory body said in a statement today.
Of the total private investments, it said domestic direct investment (DDI) has emerged as a key contributor to economic growth and an important source of job creation for the rakyat.
To date, ECER’s transformation has brought positive impact to more than 950,000 rakyat or 11% of the region’s total population, directly and indirectly.
This includes thousands of people across the urban and rural areas who are enjoying a better quality of life through more than 154,500 jobs and 27,000 entrepreneurial opportunities created by private investors and human capital development programmes in ECER.
Local investments, mainly driven by the local micro, small and medium enterprises (SMEs), contributed 46% of the total investment committed in ECER, reinforcing the pivotal role they play as the backbone of socio-economic growth in the region.
Bumiputra investments under the [email protected] programme has also made a significant contribution, contributing 14% to the total private investment in ECER.
These investments have seen a total of 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 will be generated for the rakyat, it noted.
ECERDC was established to spearhead the execution and implementation of the ECER Master Plan.
The ECER Master Plan, approved by the government in 2008, was formulated as a basis to guide the development of ECER until 2020. It identifies projects and programmes to reduce regional socio-economic disparities, eradicate poverty and improve income and wealth distribution in a sustainable manner.
Source: The Sun Daily