ALL eyes will be on Putrajaya this week with the official launch of the long-awaited Malaysia Vision Valley (MVV), touted as the country’s next world-class economic metropolis in Negri Sembilan.
On Thursday, Prime Minister Datuk Seri Najib Razak is expected to chair the MVV’s first steering committee at his office, as well as witness the signing of an agreement comprising three entities that are spearheading the ambitious economic corridor.
Sime Darby Bhd will take a 50 per cent stake in the venture and the remainder will be held equally between Kumpulan Wang Persaraan (KWAP) and Malaysian property firm Brunsfield International Group.
They will jointly own MVV Holdings Sdn Bhd, the master planner and project promoter.
The state government will not hold a stake in MVV Holdings, but will invest in some of its flagship projects. This agreement will be the first step in making MVV a reality since it was first mooted in 2009 by Sime Darby and the state government.
Sime Darby is in the equation because it owns huge tracts of land in Negri Sembilan.
MVV is an economic zone encompassing some 100,000ha of land from Port Dickson to Seremban and Nilai.
It is designed to complement the already congested Klang Valley, which is home to a quarter of Malaysia’s 30 million population, and produces 40 per cent of the nation’s gross domestic product.
Or perhaps, it can become a new emerging economic zone by itself, which is closest to the Greater Klang Valley.
The zone will include industrial, commercial and residential clusters, and is expected to attract local and overseas investments amounting to RM400 billion by 2045.
Projects in the pipeline include a high technology and industrial zone, an integrated transport district, sports and recreational facilities, a world-knowledge city and corporate campus, a biopolis and wellness hub, a nature reserve, the MVV central business district, a central park and tourist attractions.
What is even more appealing about the MVV is its proximity to the Kuala Lumpur International Airport and major highways.
The sleepy town of Labu has been picked as one of the seven transit stations for the upcoming high-speed rail between Kuala Lumpur and Singapore.
Sources said the station will be built underground to maximise land use, and will also become an international transit station to cater to foreign tourists and investors.
The MVV is part of the 11th Malaysia Plan (2016-2020). Recently, Menteri Besar Datuk Seri Mohamad Hasan confirmed that he would be MVV’s deputy chairman.
He is instrumental in overseeing the project as he wants to ensure that all Negri Sembilan folk are not left out of the state’s development.
“I want to ensure that the people will benefit from the state’s economic expansion,” he said.
The MVV is also a gift to nature lovers as it takes environmental sustainability into account despite huge profits that can be reaped from the potential industrialisation process.
Out of an earmarked development site of 100,000ha, or roughly twice the size of Singapore, only 60,000ha will be developed and the remaining areas will be preserved as a nature reserve.
A major concern is that with the launch of the MVV, property prices may spiral out of control and make homes unaffordable for people who live there.
Mohamad allayed those fears and assured that some property developments will be affordable as the prices of homes have been set at between RM80,000 and RM250,000.
What is important now is that the government continues with its business-friendly policies by continuing to offer various incentives, such as tax relief and good infrastructure and services.
Malaysians outside the MVV can also benefit as Sime Darby, a public-listed company, can channel the profits it makes from the venture back to the people.
This is because one of Sime Darby’s main shareholders is Permodalan Nasional Bhd, which owns and manages Amanah Saham Nasional and Amanah Saham Bumiputera.
Profits generated by Sime Darby will go to PNB and, in turn, will be translated into dividend payments to the unit trust investors. For KWAP, it will be able to reap profits to pay retirees their monthly pensions.
MVV is already home to big names like Coca Cola, Hino and Epsom College, to name a few.
Any additional investments will be a big push for the country, strengthening sentiments, attracting more foreign direct investments and, most importantly, provide jobs for the people.
The MVV’s main player, however, will be the people as they are the economic drivers of the project. Their lifestyle and spending will spur activities that support domestic economy in the Vision Valley.
MVV will, no doubt, elevate Malaysia to one of the most dynamic economic hubs in the region as the country consolidates its position to be among the world’s advanced nations.
Kudos to the federal and state governments, and the private sector, for committing to this initiative. It will further keep out the gloomy prospects and effects of a tough economic condition affecting the world.