Malaysia has announced that new private sector-led investments valued at RM9 billion was injected along its east coast, which include tourism projects and a college project, to spur economic growth in one of its less-developed regions.
Radiant Starfish Development will spend RM4.2 billion for the construction of an eco-tourism resort at the southern Johor state, while DRB-Hicom will invest RM593 million for the establishment of an automotive college in Pahang state, said Prime Minister Najib Tun Razak.
"The scale of these investments is an endorsement of the region's competitiveness in attracting investors and spurring economic growth."
"The bulk of these investments are from Malaysian companies. This proves that there is still capacity for more local companies to invest domestically," added Najib.
The investments are focused on the East Coast Economic Region (ECER), along Malaysia's less developed eastern peninsula, which covers a 66,000 sq km region and comprises the states of Terengganu, Pahang, Kelantan and a part of Johor. The government aims to further develop ECER's infrastructure, resource-based manufacturing, logistics and tourism.
Najib noted that Encorp will construct a golf resort in Cherating, Pahang, while Johor Corp will invest RM1 billion to develop a 142ha resort town in Mersing, Johor.
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February 2012 Property News
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