MIDA Collaborates With Invest Terengganu to Highlight The State’s Investment Opportunities #MIDA #Collaborates #Invest #Terengganu #Highlight #States #Investment #Opportunities Welcome to GistFeed
Mr. Sivasuriyamoorthy Sundara Raja, Deputy Chief Executive Officer Malaysian Investment Development Authority (MIDA)
— Datuk Arham Abdul Rahman
KUALA LUMPUR, MALAYSIA, August 25, 2022 /EINPresswire.com/ — The Malaysian Investment Development Authority or MIDA hosted its Invest Series: Unfolding States ‘Business Potential’ on 25 August 2022 at Perdana Hall, MIDA Sentral, Kuala Lumpur, in collaboration with the Terengganu State Government through its investment promotional arm, Invest Terengganu. The event, which was previously held annually but had to be halted for the past two years due to the COVID-19 pandemic, returns this year as an effort by the respective government agencies to highlight investment opportunities in Terengganu, drawing inspiration from Terengganu’s Chief Minister YAB Dato’ Seri Dr. Ahmad Samsuri Mokhtar’s slogan, “Your investment destiny starts here, Terengganu. We will transform your investment into reality”.
Datuk Arham Abdul Rahman, Chief Executive Officer of MIDA remarked “We are pleased to continue the momentum by presenting the first state, under the second round of the Invest Series programme, by highlighting the competitive advantage of investing in the Terengganu state. I applaud the state for its intensified efforts to focus on pursuing more high quality, capital-intensive projects and those that support the sustainable development agenda. This
trajectory is aligned to the Shared Prosperity Vision (SPV) 2030 and the Twelfth Malaysia Plan (RMK12). The targeted investments by the state is also aligned well with Malaysia’s National Investment Aspirations (NIA) and Environmental, Social and Governance (ESG) principles.”
“Terengganu has been one of the preferred and selected states for investment by the business community. From 2017 to June 2022, there were 29 manufacturing projects approved and implemented in Terengganu with a total investment of RM2.3 billion. More than half of these investments were from foreign sources, recording a total of RM1.27 billion. These projects have been instrumental in creating over 1,727 job opportunities, mainly in the fields of petroleum products (including petrochemicals), chemicals and chemical products, non-metallic mineral products, wood and wood products, as well as machinery and equipment.” Datuk Arham added.
“The Kerteh Bioplymer Park, an East Coast Economic Region (ECER) hub for bio-economy and specialty chemicals that spans over 140-hectares is growing fast with both Phase 1 and Phase 2 fully taken up. The third phase of the park opened last year to accommodate growing demand from investors. To date, the total accumulated investment in Kerteh Biopolymer Park has increased to RM5.6 billion, with more than 5,000 employment created for the people of
Terengganu” said Dato’ Haji Tengku Hassan Tengku Omar, Chairman of Terengganu State Committee for Trade, Industry, Regional Development and Administration Wellbeing.
“Terengganu has committed itself to increase economic growth by adding more industrial parks which are Kerteh Terengganu Industrial Park, Pulau Kerengga Industrial Park and Terengganu Silica Valley. This is another step towards making sure that there are good prospects not only now but into the future in Terengganu” Dato’ Haji Tengku Hassan added. The potential for profit in the state is vast. With rich natural resources and incentives provided by both local agencies as well as federal ones, it would be hard not to see what’s on offer when looking at investing here. The state currently has 25 industrial areas covering 4,158.26 hectares of land, located in one of the most vital maritime routes, offers competitive cost of doing business and excellent infrastructure. In addition, access to the East Coast Railway Link (ECRL) with a total length of 688 km and a route connecting Port Klang, Selangor, Pahang, Terengganu, and ending in Tumpat, Kelantan that will be completed by the year 2026 will also serve as a catalyst for significant economic spill over benefits for Terengganu. With 12 flights to and from Kuala Lumpur, the deepest water depth port in Kemaman and 358 km of dual-carriage ways running from Kuala Terengganu to Gombak of the east coast highway makes them a vital and strategic link, promoting future growth of the state’s economy.
The State Government has identified a group of clusters that it will be focusing on in order to create sustainable and innovative industries. These include tourism, manufacturing, oil and gas, biotechnology, communications, content, infrastructure and emerging technologies.
The tourism cluster presents a huge opportunity for investment in the industry. This cluster include Urban, Eco and Island Tourisms as well 202 new or existing products which provide potential to grow exponentially with time. Meanwhile, the manufacturing sector has its sights set in two different areas: maritime or marine-based industries which cover shipbuilding/maintenance repair and overhaul as well wood-based manufacturing needs for future development opportunities. With the focus towards onshore and offshore activities, the oil and gas industry spans a wide array of opportunities from extraction to distribution.
The biotechnology industry on the other hand focuses on producing products from renewable waste, agriculture and aquaculture projects while at the same time strengthening supply chains in bio-technology through Bio Medical goods for pharmaceuticals or wellness purposes. Terengganu States’ goal is not just to become a hub for trade, but also educational and entertainment centres with opportunities ranging from the family-oriented fun to edutainment content creation. Terengganu State is also taking advantage of Industry 4.0 to help grow and advance its economy while also making it more competitive in the international markets.
Participants can expect a comprehensive introduction to the Terengganu State’s business and investment opportunities and details on assistance and facilitation to companies and potential investors. This event is important to highlight and attract potential high-value and high-tech investment projects to the state of Terengganu from both domestic and foreign investors, thus creating quality employment for the local people.
Mr. Sukri Abu Bakar
Malaysian Investment Development Authority
+6 03- 2267 3685
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August 25, 2022, 10:01 GMT
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