Nor Mohamed: Tun Razak Exchange is a "game changer"
KUALA LUMPUR: The Tun Razak Exchange (TRX) is a "game changer" that will provide a new economic structure to Malaysia's economic landscape in the eyes of the world, says Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop.
The exchange, Kuala Lumpur's new financial district, launched by Prime Minister Datuk Seri Najib Razak on Monday, can also be regarded as an "iconic project" that would generate investments from within and foreign.
"The ambitious project will help realise our cherished vision to emerge as a developed nation in 2020.
"An advanced nation must have a service sector that is not only hi-tech, but also offer services with a high added-value," he told Bernama after breaking fast with the Malaysian National News Agency's staff at Wisma Bernama last night.
The 28-hectare Tun Razak Exchange, previously known as the "Kuala Lumpur International Financial District, will be developed by 1Malaysia Development Bhd in collaboration with Abu Dhabi-based Mubadala Development Corp.
The exchange is one of the initial projects under the government's Economic Transformation Plan, a national programme to double the nation's annual revenue and propel the country to become a high-income economy.
The exchange also has the "magnetic effect" to attract experts from within and outside Malaysia to work and play their role in their respective fields, including investors who will establish offices and offer new job opportunities.
Nor Mohamed, who heads a special task force to oversee the exchange's development, is determined to ensure that the project was a viable venture.
He said the task force's first meeting would be held in end-August.
"Our task is primarily to coordinate and work with the parties engaged in the project and not to apply pressure on policies," he said.
Nor Mohamed said the task force would also ensure that all the incentives offered were coordinated with the relevant authorities, including the Kuala lumur City Hall, Bank Negara Malaysia, Finance Ministry, Bursa Malaysia, International Trade and Industry ministry, Malaysia Investment Development Authority and environment-related agencies.
"Too many parties are involved (in the project). So, the government feels various issues will surface such as incentives, environmental issues and approvals from the relevant authorities.
"We'll solve all issues arising and address questions raised with the various agencies from time to time," he added.
Among incentives announced by the government are 100 per cent income tax exemption for 10 years; stamp duty waiver for loans and services agreement; and 70 per cent income tax exemption for five years for real estate developers eligible to operate at the exchange. -- BERNAMA