KUALA LUMPUR: The East Coast Economic Region (ECER) has attracted RM10 billion in committed investments as of last month, said the ECER Development Council (ECERDC).
To date, RM2.6 billion has been realised and these investments are across various sectors including manufacturing, tourism, services, agriculture as well as Oil, Gas & Petrochemicals (OGP).
ECERDC chief executive officer, Datuk Baidzawi Che Mat, said the agency has a local advantage and strong relationship with the ECER state governments and local industry players to attract investments and provide end-to-end facilitation to investors.
"The opportunities created by private investments will generate jobs and entrepreneurial opportunities which is in line with the spirit of Malaysia Madani which strives to provide a better livelihood for the people," he said in a statement.
Baidzawi also said that investments in ECER have the potential to create more than 4,500 new jobs and more than 600 additional business opportunities, promising a brighter economic outlook for the region.
Meanwhile, under the Madani economy framework, ECERDC's commitment and effort to position ECER as the preferred investment destination involves the implementation of strategic infrastructure and industry-driven talent development programmes.
In collaboration with the Malaysian Investment Development Authority (Mida) and other strategic partners, ECERDC plays a holistic role in facilitating new investments into ECER and ensuring the realisation of investment.
ECERDC's success in attracting private investments has been contributed by strategic infrastructure projects carried out by the federal government to improve transportation connectivity and network thus increasing the region's competitiveness as an investment destination.
The federal government has allocated a significant fund to implement strategic infrastructure projects.
"Since ECERDC's inception, private investments have reduced out-migration and contributed to the increase of ECER's gross domestic product, giving a socio-economic boost to a lagging region," Baidzawi added.
He emphasised that continued federal-state collaboration is required to further enhance the economic growth of the region to benefit the people.
"Apart from that, with the growth of the global Recreational Vehicle (RV) industry as a new concept of lifestyle tourism, ECERDC is positioning ECER as the new destination for the RV manufacturing and assembly industry.
"This is to position Malaysia as a leading RV manufacturing hub in the Asean region and place the region on the map for RV enthusiasts," he noted.
Baidzawi also stated that ECERDC is looking to attract foreign investors to build and operate international standard RV parks at identified locations across the region.
ECERDC is outlining the development strategy for 2025 to 2030 under the ECER Master Plan 3.0 which will focus on six economic clusters, namely manufacturing, OGP, agribusiness, tourism, human capital development and logistics and services to further drive the economic growth of the region till 2030. — Bernama