Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz expects the kickstart of Bandar Malaysia to boost business across all sectors as the project will serve as a hub to local and international fronts.
Aside from having an economic multiplier effect on Malaysia, he noted that the investment also serves as a testament of foreign investors’ confidence in the country, reported Bernama.
“With a gross development value of RM140 billion, it will be the biggest development of its kind in our country.”
“This project will unlock tremendous potential high-impact global businesses and talent attraction towards the country, in line with the government’s vision of ensuring prosperity for all,” he said during the cheque presentation worth RM1.24 billion from IWH-CREC Sdn Bhd to TRX City Sdn Bhd.
The agreement, which marks the kickstart of Bandar Malaysia, will see IWH-CREC take up a 60% stake in the project’s master developer, Bandar Malaysia Sdn Bhd. The remaining 40% will be held by TRX City.
While the country faced continuous challenges brought about by the COVID-19 pandemic, Tengku Zafrul said market confidence in Malaysia has remained strong, particularly from foreign investors, with the bond market attracting RM23.1 billion until August.
“The ringgit has also emerged as one of the strongest currencies in Southeast Asia, driven by the government’s continuous initiatives in addressing COVID-19,” he said.
People’s Republic of China’s Ambassador to Malaysia, Bai Tian, said Bandar Malaysia signifies China’s strong bilateral ties with Malaysia.
“This is one of the largest projects invested in by Chinese companies in Malaysia, and also draws huge expectations from both countries, as well as the rest of the world,” he said.
And in the spirit of friendship, he revealed that China will prioritise Southeast Asia, particularly Malaysia, in distribution a vaccine for COVID-19, once available.
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