PROPERTY NEWS | Overseas Property | Iskandar hopeful of investment target of RM30 billion
Iskandar Malaysia, which was formerly known as Iskandar Development Region (IDR) and South Johor Economic Region (SJER) has recently seen major developments and shows the hope of splendid achievements. This corridor of economic growth is showing great signs of achieving the RM30 billion targets, which had been set for new investments this year.
The Chief Executive Officer of Iskandar Regional Development Authority (IRDA), Datuk Ismail Ibrahim has already said that they were able to attract RM3 billion in the form of investments, just in the first quarter of the year. IRDA has been set up to act as a regulatory body which will perform functions such as planning, promoting and facilitating the development of the Iskandar.
Ismail also mentioned that the breakdown of the investments will be made by the end of March. Mostly all new investments came from services and property and manufacturing companies.
At a recent press conference, he mentioned the fact that the party wasn’t yet over for them and also that the body’s shareholders would have to work even harder for them to bear relevance and stay attractive. He also pointed out that it was not easy to attract strong interest from foreign and even domestic investors to Iskandar.
Additionally, he said that since Iskandar has been facing competition from other economic corridors as well as regional countries, which only makes it more difficult to attract investors and therefore IRDA and other stakeholders were rather unwilling to lest their laurels in the region.
Some of the other corridors are the Northern Corridor Economic Region, Sarawak Corridor of Renewable Energy, the Sabah Development Corridor, and also the East Coast Economic Region.
Ismail also explained that although they have surpassed the investment target since the launch, and a lot more effort would be needed so that they could continue to attract investments to the Iskandar Malasia corridor.
