Malaysia to Develop Southern State to Compete With Singapore
Nov. 4 (Bloomberg) -- Malaysia's government plans to generate as much as 382 billion ringgit ($104.7 billion) in investment over the next 20 years to boost growth in its southernmost state.
Development of the Southern Johor Economic Region, 2.5 times the size of Singapore, will require 47 billion ringgit from 2006 to 2010, Malaysia's state-owned investment arm, Khazanah Nasional Bhd., said in a statement today. It will also require 335 billion ringgit from 2011 to 2025, Khazanah said.
"The South Johor Economic Region (SJER) is one of the most important and ambitious initiatives,'' Malaysian Prime Minister Abdullah Ahmad Badawi said in a speech in Johor to start the project today. ``Our vision is to make South Johor the new international address for business, investment, leisure and culture.''
The plan is part of Abdullah's attempt to make the country an alternative trade and investment destination to Singapore.
The are already 30 billion ringgit of projects under way in the area by companies including Port of Tanjung Pelepas, UEM Land Sdn. and Johor Corp., Khazanah said in its statement, which was also released in Johor.
Another 20 billion ringgit of investment by the government and companies have been committed or planned, it said. They include a waterfront real estate development, 4.3 billion ringgit of government spending on roads, security and sewerage, and 10 billion ringgit of proposed investment in property projects by investors from Asia and the Middle East.
Pak Lah also has plans to develop the Eastern Corridor growth area along three states on the east coast of the Malay peninsula and the Northern Peninsular Development Zone, which covers four states on the northwest coast.
Wow, wow, wow, Hail Pak Lah, Long Live Pak Lah!
Great Plan, Great Dreams ... far fetch, but excellent dreams!
Hope it isn't ... Illusionary Visions!