ECERDC secures RM3.1 bln in realised investments in Terengganu, on fast track to achieve RM4.2 bln in 2024
04 Oct 2024
The East Coast Economic Region Development Council (ECERDC) has realised investments totalling RM3.1 billion in Terengganu, 98 per cent of which is in the manufacturing sector and the balance in the tourism sector.
This sets the state on the fast track to achieving its 2024 investment target of RM4.2 billion, further boosting economic growth and development in the region.
ECERDC has also secured an additional RM1.7 billion in committed investments from the targeted RM5.8 billion, with 59 per cent of these investments coming from the oil and gas industry.
As of August 2024, ECERDC is working to realise another RM12 billion in potential investments, with RM5 billion facilitated by the Malaysian Investment Development Authority (MIDA).
The investment portfolio is diversified as follows: 77 per cent in manufacturing, 13 per cent in tourism, and 10 per cent in oil and gas, ensuring continued growth for Terengganu.
Meanwhile, Terengganu Menteri Besar Ahmad Samsuri Mokhtar said it is essential for the federal and state governments and relevant agencies to work in tandem to attract new investments.
“Initiatives like the Economic Accelerator Project (EAP) play a strategic role in connecting ministries, agencies, and the private sector, creating a strong economic ecosystem.
“With rail infrastructure as a key growth driver for the East Coast Economic Region (ECER), the EAP is set to enhance local economies by increasing passenger and freight traffic along the East Coast Rail Link (ECRL) route,” he said after chairing the Terengganu Implementation and Coordination Committee (ICC) Meeting.
During the meeting, members of ICC Terengganu were briefed on various projects, including the upgrading of the Sultan Mahmud Airport to Kuala Terengganu City Centre road, which will enhance connectivity and increase Terengganu’s attractiveness to investors.
The expansion of the Kerteh Biopolymer Park SME Complex to Phase 1B was also highlighted as a key initiative to drive the growth of small and medium enterprises and create more employment opportunities.
Source: Bernama
