Kedah receives RM5 bln committed investment in Q1 this year

Kedah receives RM5 bln committed investment in Q1 this year

18 Jun 2023

Kedah received committed investment amounting to RM5 billion in the first quarter (Q1) of this year, Menteri Besar Datuk Seri Muhammad Sanusi Md Nor said.

He said the state also recorded total investment exceeding the target of RM10 billion per year for the previous two years in a row as a result of the confidence of the industry community.

“The result of these tens of billions of investments will create 19,568 job opportunities for the people and an increase in additional revenue for the government,” he said.

He said this in his congratulatory message, representing the government and people of Kedah, in conjunction with the 81st birthday celebration of the Sultan of Kedah Sultan Sallehuddin Sultan Badlishah at Istana Anak Bukit here today.

Muhammad Sanusi said the rapidly growing investment momentum would continue through the implementation of high-impact projects such as the development of Delapan Special Border Economic Zone (Delapan SBEZ), Kedah Rubber City (KRC), Kedah Aerotropolis, Kedah Science and Technology Park (KSTP) and Pulau Bunting Gas Supply Centre and Power Plant project in Yan.

Meanwhile, he said Kedah has also achieved an encouraging economic performance by recording a gross domestic product (GDP) growth of 3.2 per cent in 2021.

He said the state’s GDP growth for 2022 is expected to continue to be strong, in line with the national GDP which has recorded a growth of 8.7 per cent.

Muhammad Sanusi said the state government has also put efforts to diversify revenue sources by exploring the state’s abundant natural resources.

He said the discovery of a new mineral material, namely Rare Earth Element (REE), in the state is estimated to be worth billions of ringgit and is expected to increase the state’s revenue through royalty payments.

Also present at the ceremony were the Sultanah of Kedah Sultanah Maliha Tengku Ariff, Raja Muda Kedah Tengku Sarafudin Badlishah Sultan Sallehuddin and Raja Puan Muda Kedah Che Puan Muda Zaheeda Mohamad Ariff.

Source: Bernama