27th August 2019, Johor Bahru, Malaysia – Iskandar Malaysia secured an investment of RM 16.75 billion for the first half of the year, contributing to a cumulative committed investment of RM302.09 from 2006 to June 2019.
The investment figure translated into a growth of 9.7 per cent compound annual growth rate (CAGR) for the past five years.
“The region recorded RM116.7 billion of foreign investment from 2006 to June 2019, of which 47 per cent came from the manufacturing sector and 53 percent from the services and other sectors.” said Iskandar Regional Development Authority (IRDA) chief executive Datuk Ismail Ibrahim.
“China is the leading country in terms of foreign investment with RM40.65 billion worth of investment, followed by Singapore and the United States with an investment of RM20.57 billion and RM8.11 billion, respectively,” he added.
Once again the manufacturing sector, comprising of electrical and electronics, food and agro-processing, as well as petroleum and chemical products, remains the leading sector with a total cumulative committed investment of RM 71.9 billion or 24 per cent of the total investment, said Datuk Ismail.
The services sector contributed RM27.65 billion, or 9 per cent, of the total cumulative committed investment with a CAGR of 13.12 per cent for five years.
It has been 12 years since its inception in 2006. Iskandar Malaysia grows closer to attaining its vision of becoming a strong and sustainable metropolis of international standing.
“In achieving this vision, the rakyat must be the ultimate beneficiary economically, socially and environmentally. That is why proposals such as reducing congestion at the Causeway is key and a present priority of the government,” he added.
Social development and inclusiveness are now much more important to the government, especially with the Shared Prosperity 2030 economic model, so that issues such as technical and vocational education and training as well as financial literacy were also discussed at a recent meeting.
Datuk Ismail attested that it requires the support and teamwork from all stakeholders to build a strong and sustainable region. – Construction+ Online