Terengganu aims to reduce dependence on petroleum royalty - MB

 

The Terengganu government will focus on developing industries other than petroleum to reduce the state's dependence on annual oil royalty payments.

Menteri Besar Ahmad Samsuri Mokhtar said it plans to develop new industrial areas in Besut and Setiu, which have previously received less attention and development.

“Taking into consideration the East Coast Rail Link (ECRL) project, which focuses on cargo (movements), we need to grab the opportunity now, as it would be too late if we just wait until the ECRL’s operations start three years from now.

“As such, we will swiftly mobilise the entire (state government) machinery towards creating new industrial areas, especially in locations that have not received much focus before, such as in the northern part of the state,” he said after chairing the state executive council meeting today.

Ahmad Samsuri said Terengganu managed to reduce its dependence on petroleum royalty by four percent in the last term.

He said that among the measures taken were introducing new sources of taxation and gazetting the Water Resources (Terengganu) Enactment 2020, which generate more revenue for the state.

“We expect to achieve RM100 million in revenue from water resources each year. We realise that it is not easy to do, but we have managed to collect revenue in the first year.

“Additionally, we will look at new taxes including the mineral tax, which has not been reviewed for a long time,” he added.

- Bernama