Malaysia: ECER targets RM2b investments from Mid-east each year

KUALA LUMPUR: The East Coast Economic Region (ECER) of Malaysia, which targets RM2 billion in investments from the Middle East, expects funds inflow into halal manufacturing, agriculture and tourism.

The CEO of ECER Development Council (ECERDC), Datuk Jebasingam Issace John said there has been a lot of keen interest in the halal industry, tourism and agriculture, particularly livestock and fisheries.

In a statement issued from Abu Dhabi on Sunday, Jan 30, he said ECER was confident of attracting more investments from Gulf Cooperation Council (GCC) countries this year.

“In fact, we are now in serious discussions with several potential investors from the Middle East and we expect to announce positive developments by this year,” he said at the “Invest Malaysia 2011” report launch in the UAE.

ECERDC aims to attract RM5 billion (US$1.67 billion) of investments to ECER Malaysia each year, of which RM2 billion are expected to come from the Middle East nations.

Issace was one of the panel speakers in the “Investing in Malaysia 2011” session, which was held in conjunction with the launch by Prime Minister Datuk Seri Najib Razak and the Crown Prince of Abu Dhabi, HH General Sheikh Mohammed bin Zayed bin Sultan Al Nahyan.

ECER Malaysia covers the states of Kelantan, Terengganu, Pahang and the district of Mersing in Johor.

Between 2007 and 2010, ECER attracted RM36.5 billion (US$12.2 billion) worth of investments. Of the amount, RM15.3 billion (US$5.1 billion) had already been received and consisted of 158 projects which have created 17,500 new jobs in the region.

Recently, the ECER hosted a ground-breaking ceremony for a US$200 million project involving Dubai-based Oilfields Supply Centre Limited to set up a multifunctional common user supply base at ECER Special Economic Zone which is expected to be operational by 2013.