Action Speaks Louder than words. Dont give yourself too high expectation.
KUALA LUMPUR, Oct 25 —Prime Minister Datuk Seri Najib Razak announced today details on US$444 billion (RM1.376 billion) worth of investments the country wants to attract over the next 10 years to double its national income.
A government think-tank said last month it had identified the investments, of which 60 per cent would come from the private sector, 32 per cent from government-linked companies and 8 per cent from the government.
The investment aims to rebalance Asia’s third-most export-driven economy towards domestic demand and the service sector, at a time when foreign investors are increasingly attracted to other regional economies.
• LFoundry from Germany to relocate and invest in five wafer fabrication plants in Kulim Hi-Tech Park in Kedah over the next five years. Initial investment is valued at RM214 million while the total estimated investment is RM1.9 billion.
• Hypermarket chain Mydin will invest in 14 new branches over the next three years valued at RM1 billion, and also assist small sundry shops.
• A 208-room hotel and 160-unit residence, to be managed by St Regis, an international six-star hospitality brand, will be built on a 2.2-acre site in KL Sentral. This RM1.2 billion investment will have a total development area of 1.4 million square feet.
• oilfield services firm Schlumberger recently opened its Eastern Hemisphere Global Financial Services Hub in Malaysia. This is part of the Greater KL/Klang Valley Entry Point Project to attract 100 new multinational corporations to relocate their operations in Kuala Lumpur by 2020.
• Malaysia Airports Holdings Berhad has awarded a 25-year concession to WCT to build and operate an integrated complex at the KL International Airport. The RM486 million complex will comprise a transportation hub for taxis and buses, one block of retail mall and car parks.
• Abu Dhabi government investment vehicle Mubadala and state-owned development company 1MDB will develop the RM26 billion KL International Financial District.
• Premium Renewable Energy will build five bio-oil plants over the next five years. The first plant costing RM124 million will be located in Lahad Datu, Sabah.
• Asia e-University has been appointed by the Ministry of Higher Education as the gateway university, for the development of online and distance learning. The initiative is expected to produce a gross national income of RM100 million.
• Johor Premium Outlets will be located in Genting Indahpura, Johor, a mixed development township which will feature, among others; a hotel, international water theme park and retail outlets. This will attract more tourists to visit Johor, especially from Singapore. The construction and investment cost undertaken by Genting is RM150 million. — Reuters