The Northern Corridor Implementation Authority (NCIA) has successfully attracted approved investments of RM17.25 billion between January and July 2022 which will result in 12,315 new job opportunities.
Prime Minister Datuk Seri Ismail Sabri Yaakob said the investments were supported by continued growth in the electrical and electronics, mechanical and electrical and medical devices sectors in the Northern Corridor Economic Region (NCER).
These positive developments include foreign investment by Baladna Food Industries from Qatar amounting to RM2.1 billion to develop an integrated dairy farm project in Chuping, Perlis to support the country’s food security agenda, he added.
“It simultaneously proves the confidence of private investors in the economy and talent development ecosystem in this region,” Ismail Sabri said in a statement on Thursday.
On Thursday, the Prime Minister chaired the 29th NCIA Council Members’ Meeting which was also attended by Perak Menteri Besar Datuk Seri Saarani Mohamad, Perlis Menteri Besar Datuk Seri Azlan Man and Penang Chief Minister Chow Kon Yeow.
Ismail Sabri said the federal and state governments will also ensure water supply, electricity and communication networks are available in an effort to convince more investors to the NCER area.
“NCIA together with the state governments are focused on further strengthening the talent ecosystem and creating a robust supply chain to increase NCER’s competitiveness in addressing any gaps in the post-pandemic ecosystem,” he added.
Meanwhile, NCIA chief executive Mohamad Haris Kader Sultan said the region is on the right trajectory to achieve the target and continue to be a preferred investment destination.
In response to the government’s call to increase the participation of the private sector in strategic socioeconomic programmes, the NCIA is devising various inclusive efforts including the establishment of the NCER Human Capital Development Fund.
This fund is to stimulate private sector participation in sustainable human capital development programmes and entrepreneurs. The meeting also agreed that the cost of living assistance programme using cashless cards as well as the development of NCER’s skills and entrepreneurship be implemented under the Pembasmian Kemiskinan Tegar Keluarga Malaysia programme and its implementation will be detailed by the Economic Planning Unit.
“Through NCIA’s various initiatives aimed at supporting the people, the business community and investors, coupled with a strong economic base and robust ecosystem, the region is on track to achieve its targets in terms of investment inflows and job creation by the end of 2022,” said Mohamad Haris.
- The Edge Markets