In 2020, the East Coast Economic Region Development Council (ECERDC) managed to draw dedicated investments worth MYR 5.5 billion (USD 1.36 billion) and realized investments totaling MYR 4.2 billion (USD 1.039 billion) in the East Coast Economic Region (ECER). The ECER is an economic development region based on the east coast of Peninsular Malaysia, which covers the states of Kelantan, Terengganu, and Pahang, and the district of Mersing in northeast Johor. More new investments are expected as the federal government announced the extension of investment incentives until 31 December 2022.
The Council’s Chief Executive Officer Baidzawi Che Mat said that, as illustrated in the ECER Master Plan 2.0 (EMP 2.0), the region will maintain its target of securing a total of MYR 70 billion (USD 17 billion) in private investments by 2025. The ECER Incentive Package includes income tax exemptions, investment tax allowance, deductions for agriculture investment, and stamp duty exemption for promoted activities.
For its upcoming plans, agribusiness and tourism sectors are anticipated to drive regional economic recovery. Key agribusiness projects that may contribute towards improving national food security include the Tok Bali transformation plan to create a self-sustainable ecosystem for the fisheries industry and the Jemaluang Dairy Valley project to boost national milk production by 11%. There are also upgrading infrastructure works of the solar hybrid system being implemented in Kapas Island in Terengganu as well as the development of Suri Island in Kelantan.
(Sources: Malay Mail; Bernama)
Malaysia’s East Coast Region Draws MYR 5.5 Billion in Pledged Investments
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