Business sentiment in Malaysia to remain good — MIDA official

The Malaysian Investment Development Authority (MIDA) expects business sentiment in Malaysia to remain good amid the current global market uncertainties, including Covid-19 concerns, and the domestic political situation.

East Coast Rail Link (ECRL) Unit senior deputy director Farez Amha Abdullah said in response to enquiries from local and foreign investors keen to participate in the Economic Accelerator Projects (EAP) along the ECRL corridor.

“Talks between MIDA and investors from various sectors are still ongoing, and soon the authority will announce the investment figures, on which we have high expectations for this year,” he told Bernama after MIDA’s half-day seminar on opportunities in the East Coast Economic Region here today.

Earlier in his speech, MIDA deputy chief executive officer II, Ahmad Khairuddin A Rahim, said the agency is optimistic that through the EAP, the rail project would be contributing towards bridging the development gap between the east and west coasts of Peninsular Malaysia, given the potential growth for industrial, commercial and tourism sectors in the region.

“MIDA is committed to attracting quality investments that complement the growth and advancement of our local businesses,” he said.

He said through initiatives such as internships, vendor programmes and strategic localisation initiatives, local players are encouraged to step up to fill the gaps within the business ecosystems.

Meanwhile, asked on expectations on the soon-to-be-announced economic stimulus package, Farez said, “I hope it will be a good one. Just wait and see what will be announced.”

The ECRL Unit was established last year as a dedicated contact point to facilitate and promote the development of the EAP along the ECRL corridor.

The 640km double tracking ECRL project stretching from Kota Bharu, Kelantan, to the Port Klang, Selangor, is estimated to be completed by December 2026 at a cost of RM44 billion.

The economic stimulus package is scheduled to be announced later today by interim Prime Minister Tun Dr Mahathir Mohamad to mitigate the impact of the Covid-19 outbreak.

Source: Bernama