Iskandar surpasses RM100b target

HUGE SUCCESS: Properties, manufacturing and utilities spur strong growth

PUTRAJAYA: IT’S official. Iskandar Malaysia has surpassed the RM100 billion investment target with committed investments of RM20.36 billion in the first 11 months of this year.

Prime Minister Datuk Seri Najib Razak announced yesterday that cumulative committed investments had reached RM105.14 billion in various sectors with 42 per cent being realised at the end of last month.

The core sectors spurring the strong growth are primarily properties (including commercial, retail and industrial), manufacturing and utilities.

“I am pleased with the corridor’s performance, especially in witnessing the realisation and operations of catalytic projects in 2012, including its tourism, education and retail sectors,” he said in a statement after chairing the Iskandar Regional Development Authority (Irda) Members of Authority meeting.

Najib, who is also finance minister, said the tourism, education and retail sectors had added to the vibrancy of domestic consumption.

Among them are Legoland Malaysia and Puteri Harbour Family Theme Park in the tourism sector; Newcastle University, University of Southampton Malaysia campus, Raffles University Iskandar, Marlborough College and Raffles American School in the education sector; and the Medini Lifestyle Retail Mall and Galleria @ Kota Raya in the retail sector.

At the meeting, Najib was told that Iskandar Malaysia’s vibrant economy had created 154,000 jobs in the manufacturing and services sector from 2006 to this year.

"I am also proud that through Irda, Iskandar Malaysia has taken a strong position in green and sustainable development as Irda Members of Authority today endorsed the launch of the low carbon society blueprint."

The low carbon society blueprint, launched at the 18th session of the Conference of Parties (or COP 18) in Doha on Nov 30, outlines the plan to reduce Iskandar Malaysia's carbon intensity emissions by 50 per cent as it reaches maturity in 2025.

The blueprint is the result of a joint effort between Japan and Malaysia.

It was initiated in July last year. The project, "Development of Low Carbon Society Scenarios for Asian Regions", was initiated by the Science and Technology Research Partnership for Sustainable Development.
    
This is in line with Malaysia's voluntary commitment to reduce the country's carbon intensity by up to 40 per cent by 2020 (based on 2005 levels). The research project began with a pilot study of Iskandar Malaysia.
 
Najib said the low carbon society would spur more interest among investors looking to Malaysia as an investment destination.

Irda chief executive Datuk Ismail Ibrahim said the RM100 billion milestone was not because of Irda's efforts alone, but through greater understanding and collaboration between federal and state agencies, as well as developers' pursuance of the Nusajaya greenfield master plan development and Johor Baru city redevelopment.

"Domestic investors and small- and medium-sized enterprises believe in the same vision of driving Iskandar Malaysia to be on track and poised for further growth."

Ismail said the creative, healthcare, financial services and logistics sectors would be the magnet for new investments from next year to 2015.

"This is in support of the opening of Pinewood Iskandar Malaysia Studios and the Healthcare and Wellness project."

He added investors' response, from the local and international business fraternity, associations and councils, had been a great platform for Iskandar Malaysia to develop.