Iskandar Malaysia attracts RM77.82b cumulative investments

SINGAPORE: As of September this year, Iskandar Malaysia recorded a total cumulative committed investment of RM77.82 billion from various sectors.

Iskandar Regional Development Authority (IRDA) chief executive Ismail Ibrahim said of this total, 60% (RM46.63 billion) was domestic investments with the remaining 40% (RM31.19 billion) coming from overseas.

He said this is indicative of the gradual shift from a dependence on foreign investors to being a domestic enterprise driven metropolis.

The figures also reflect the confidence, domestic investors have in Iskandar Malaysia, as well as its appeal to both foreign and local investors. He had been invited to speak at the ongoing GES Business Leaders Summit 2011 and share experiences and insights into the development of Iskandar Malaysia

At a press conference here on Tuesday, Oct 18, Ismail said he expects the RM2 billion syariah-compliant SME Financing Fund — to be established under the 2012 Budget — to be a significant support for SMEs in the manufacturing, services and property sectors.

He said IRDA, is committed to reaching out to the region for awareness and to woo new investors.

Under Iskandar Malaysia’s Development Roadmap, 2006-2010 was the planning phase.

Currently, Iskandar Malaysia is in its second phase of strengthening and generating growth, the success of which is based on the completion of key developments.

Next year, has also been earmarked as the "tipping point" for Iskandar Malaysia, with a number of catalytic projects in the education and tourism sectors, such as Educity and LEGOLAND, being completed and commencing operations.

Such developments and business ventures require upstream and downstream support throughout their respective value chain, and this is where the SMEs will complete the ecosystem.

The success of the catalytic projects will help make Iskandar Malaysia more attractive for investments, and the SME Financing Fund will be a good funding support for the SMEs to participate in the regional economy.

IRDA is the regulatory authority mandated to plan, promote and facilitate the development of Iskandar Malaysia into a strong and sustainable metropolis of international standing.

Iskandar Malaysia's development is projected to create 850,000 employment opportunities by the time the development project reaches maturity in 2025.

Since its inception, a total of 20,000 jobs have been created. — Bernama

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