Iskandar Malaysia, the southern economic corridor in Johor state has announced that it received USD 3.8 billion in cumulative investments for the first six months of 2020. This resulted in a total cumulative investment of USD 79.73 billion since the inception of the economic corridor in 2006.
Iskandar is a vital trade and commercial hub within the State of Johor in Southern Malaysia, with a population of more than 1.8 million across five cities. Iskandar Regional Development Authority (IRDA), a statutory body appointed by Malaysian Federal Government for development and promotion of the economic corridor stated that about 60% of the total cumulative investment was domestic, while the remainder was from overseas, led by China, Singapore, United States, Japan and Netherlands. Some of the key sectors which are receiving investments are manufacturing (USD 19 billion), tourism (USD 2.15 billion), healthcare (USD 986 million), education (USD 789 million), finance (USD 684 million) and creative (USD 396 million).
Johor State Minister and Co-chairman of IRDA Datuk Hasni Mohammad noted that the development economic corridor will continue to attract investors notwithstanding the impact of the COVID-19 pandemic. He cited the Malaysian government’s success in managing the pandemic as one of the key factors in boosting Johor’s seven key initiatives to attract investment.
He further shared that the United States Trade and Development Agency (USTDA) has recently announced a grant funding in support of the Iskandar Malaysia Urban Observatory project, which is part of the country’s smart cities programs. Through the use of smart technologies and advanced data analytics, Malaysia aims to transform Iskandar into a sustainable and inclusive “smart region.” In addition, IRDA is now reviewing its Comprehensive Development Plan II (CDPii) for Iskandar Malaysia to provide comprehensive action plans and roadmap comprising the government’s program, policies and budget allocation in order to accelerate Iskandar Malaysia’s infrastructure plans and targets.
(Sources: New Straits Times; Malay Mail)