ECERDC targets RM1.8 bln investment in Kelantan this year

ECERDC targets RM1.8 bln investment in Kelantan this year

10 Apr 2022

The East Coast Economic Region Development Council (ECERDC) is optimistic of achieving a higher investment target of RM1.8 billion for the state of Kelantan this year.

Chief executive officer Baidzawi Che Mat said that with the target, it is expected to create more than 1,200 new jobs and 300 entrepreneurial opportunities.

He said ECERDC is confident that the target could be achieved with the Kelantan special tax incentive package which had been approved by the Finance Ministry.

“As of March 31, ECERDC has already attracted committed investments amounting to RM990 million to Kelantan. Under the Kelantan Special Incentive, eligible investors will enjoy 100% income tax exemption for 15 years with an extension of another five years at a special rate of 17%.

“For non-citizen employees who hold senior management positions, they will only be charged a flat tax rate of 15% as an additional incentive to attract foreign direct investment (FDI) to Kelantan,” he said in a statement here today.

Baidzawi said ECERDC under the Tok Bali transformation plan  would extend and upgrade the existing fish landing jetty to enable modern vessels to dock with traditional fishing boats.

He said it would further increase the growth of downstream activities in the area such as fish processing, frozen fish and otoshimi.

“Under the human capital development programme, ECERDC aims to train 2,000 students in 50 schools through the empower ECER Academic Training Programme,

while the empower ECER Skills and Entrepreneurship Training Programme will train 627 participants in Kelantan with the support of Yayasan Petronas.

He said ECERDC remained steadfast in supporting the National Economic Recovery Plan (PENJANA) through the PENJANA-ECERDC programme to increase the marketability of the ECER workforce affected by the recent pandemic.

“To date, 1,029 participants have been trained in Kelantan and 87% have obtained employment with an average income of RM2,300 per month,” he said.

Source: Bernama