It looks like Prime Minister Najib Razak has taken to repeating his announcements of super-mega projects. On Monday, he said his administration had signed RM30 billion worth of deals with 9 firms to kick off the RM1.4 trillion Economic Transformation Programme.
But the nine 9 projects have been unveiled before, especially the RM26 billion KL International Financial District. In fact, this particular project has been rehashed many times in different launches - the most recent was in the RM214 billion Budget 2011 presented in Parliament two weeks ago.
It also means the other 8 projects only come up to RM4 billion, a factor that worries pundits as it means lumpy or uneven development and an over-reliance on standalone mega projects, which are risky as they can very well turn out to be white elephants that can bankrupt the nation.
"It looks like he is rehashing the projects to make it seem like he is doing something about the economy. But time and again, Najib is over-depending on public relations to hide the vacuum. But he should stop it because the people are now very sharp and once they catch him fudging again, they will trust him even less than before," PKT strategic director Tian Chua told Malaysia Chronicle.
Despite the criticism, especially following the widespread condemnation for what was perceived to be a racist and violent speech to his Umno party last week, Najib appears to be putting on a brave face as he tries to win back the people's favor.
“This shows that the ETP is already showing results.We will be announcing more confirmed investments in coming months. We are proving the sceptics wrong. The early wins show that by focusing on action and not unproductive talk, debates and arguments, results will flow," Malaysian Insider reported the PM as saying.
The nine projects are:
• LFoundry from Germany to relocate and invest in five wafer fabrication plants in Kulim Hi-Tech Park in Kedah over the next five years. Initial investment is valued at RM214 million while the total estimated investment is RM1.9 billion.
• Hypermarket chain Mydin will invest in 14 new branches over the next three years valued at RM1 billion, and also assist small sundry shops.
• A 208-room hotel and 160-unit residence, to be managed by St Regis, an international six-star hospitality brand, will be built on a 2.2-acre site in KL Sentral. This RM1.2 billion investment will have a total development area of 1.4 million square feet.
• Oilfield services firm Schlumberger recently opened its Eastern Hemisphere Global Financial Services Hub in Malaysia. This is part of the Greater KL/Klang Valley entry point project to attract 100 new multinational corporations to relocate their operations in Kuala Lumpur by 2020.
• Malaysia Airports Holdings Berhad has awarded a 25-year concession to WCT to build and operate an integrated complex at the KL International Airport. The RM486 million complex will comprise a transportation hub for taxis and buses, one block of retail mall and car parks.
• Abu Dhabi government investment vehicle Mubadala and state-owned development company 1MDB will develop the RM26 billion KL International Financial District.
• Premium Renewable Energy will build five bio-oil plants over the next five years. The first plant costing RM124 million will be located in Lahad Datu, Sabah.
• Asia e-University has been appointed by the Ministry of Higher Education as the gateway university, for the development of online and distance learning. The initiative is expected to produce a gross national income of RM100 million.
• Johor Premium Outlets will be located in Genting Indahpura, Johor, a mixed development township which will feature, among others; a hotel, international water theme park and retail outlets. This will attract more tourists to visit Johor, especially from Singapore. The construction and investment cost undertaken by Genting is RM150 million.
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