PM announces Karambunai Integrated Resort City amongst EPP projects

KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak on Tuesday, Apr 19 announced that RM9.6 billion would be invested by 2020 to develop the Karambunai Integrated Resort City (KIRC) as a premier world-class ecotourism destination.

The project — expected to generate a Gross National Income (GNI) contribution of RM9.319 billion — will create around 11,002 jobs by 2020, and will be handled by a consortium consisting of Prism Crystal Enterprises Ltd and Tan Sri Dr Chen Lip Keong & group of companies together with the landowners Karambunai Corp Bhd and Petaling Tin Bhd.

The KIRC was one of seven all-new projects and initiatives unveiled on Tuesday, along with five projects under the Entry Point Projects (EPPs). The Prime Minister expects the 12 projects to bring about RM16.62 billion in GNI and 74,457 incremental jobs. The seven all-new projects were expected to bring about RM11.16 billion in investments.

Since the March 11 progress update, he said there had been continued interest of investors in the Economic Transformation Plan (ETP). The 72 projects within 54 EPPs announced to date showed that 41.2% of the 131 EPPs had started, which was less than six months since the launch of the ETP.

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