KUALA LUMPUR, The East Coast Economic Region Development Council (ECERDC) has secured RM13.3 billion in realised investments for the region as of September, surpassing its 2024 target of RM10 billion.
The investments will create over 8,700 job opportunities across industries, including steel manufacturing, petrochemicals, biomass products, and tourism, said ECERDC.
‘Under the East Coast Economic Region (ECER) Master Plan 2.0 (EMP 2.0) from 2018-2025, the council has secured RM44.4 billion in realised investments for ECER, representing 90 per cent of the RM49 billion target set for the plan’s completion.
‘These investments have generated over 69,000 job opportunities and created more than 23,000 entrepreneurial ventures, driving substantial economic growth across the region,’ it said in a statement.
During the same period, the council said it facilitated committed investments totalling RM58.6 billion, representing 84 per cent of the RM70 billion target under EMP 2.0.
ECERDC chief executive officer Datuk B
aidzawi Che Mat said that achieving 90 per cent of its RM49 billion target under the EMP 2.0 is a clear testament to the region’s growing economic potential.
‘The realised investments and job creation have significantly boosted the region’s economy.
‘The ongoing efforts by ECERDC, in collaboration with the Malaysian Investment Development Authority (MIDA) and the Ministry of Investment, Trade and Industry, are positioning the East Coast as a strategic investment hub poised to attract substantial capital inflows,’ he said after the second ECER council meeting for 2024 chaired by Prime Minister Datuk Seri Anwar Ibrahim today.
Meanwhile, Baidzawi noted that in the meeting, MIDA and ECERDC finalised the MIDA-ECERDC collaboration framework, boosting the region’s appeal to investors.
‘The MIDA-ECERDC synergy is crucial in ensuring the smooth and successful facilitation of investments in the region, from the early stages to post-investment care,’ he added.
According to the statement, ECERDC also presented the E
CER development plan under the 13th Malaysia Plan from 2026-2030 in the meeting, focusing on four key strategic thrusts.
‘The four key strategic thrusts include enhancing food security through the nation’s ‘food basket,’ developing new tourism destinations like ECER rail tourism, expanding marine industries, including shipbuilding and ship repair, and advancing ‘hard-to-abate’ sectors like steel, petrochemical and mineral.
‘These initiatives will be powered by key enablers, such as the East Coast Rail Link serving as a land bridge between the East and West Coasts, strengthening the region’s strategic position as a gateway to China and the Asia-Pacific, along with port and airport expansions to boost trade and tourism,’ it noted.
Furthermore, ECERDC is setting its sights on achieving RM225 billion in the gross domestic product (GDP) by 2030, driven by an annual growth rate of seven per cent.
‘Key projects in four economic sectors, along with catalytic initiatives, are expected to generate 60 per cent of EC
ER’s total GDP during this period.
‘This strategic focus highlights the region’s growing role in Malaysia’s economic development,’ it added.
Source: BERNAMA News Agency