KUALA LUMPUR: The East Coast economic region attracted RM5.5 billion in committed investments in 2020, and RM4.2 billion in realised investments, the regional development council said.
The council’s chief executive Baidzawi Che Mat said the federal government’s extension of investment incentives for a further two years until Dec 31, 2022 will attract new investments and bring the region’s momentum back on track.
The ECER incentive package includes income tax exemptions, investment tax allowance, deductions for agriculture investment and stamp duty exemption for promoted activities.
He said the council will aggressively promote the East Coast region as an investment destination over the next two years to regain lost ground because of the pandemic.
It would maintain its target of securing a total of RM70 billion in private investments by 2025, Baidzawi said in a statement after a council meeting chaired by Prime Minister Muhyiddin Yassin, which was attended by state government heads of Kelantan, Terengganu, Pahang, and Johor, and international trade and industry minister Azmin Ali and finance minister Tengku Zafrul Aziz.
Baidzawi said in the nearer term, the region’s economic recovery will be driven by agribusiness and tourism.
Among the agribusiness projects is the Tok Bali transformation plan to create a self-sustainable ecosystem for the fisheries industry and the Jemaluang Dairy Valley project to boost national milk production by 11%. - FMT
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