GEORGE TOWN: The Northern Corridor Implementation Authority (NCIA) has raked in RM7.2bil in investments in the first half of the year, closer to realising the targeted RM10bil investments for 2013.
Chief executive Datuk Redza Rafiq Abdul Razak told StarBiz that the NCIA had surpassed the targeted 25% investments from the local private sector.
“Of the RM7.2bil achieved, 43% is from local private sector participation, while the remainder is from overseas.
“The investments have created 10,750 jobs, compared with the targeted 8,000 jobs from the RM10bil investments,” he said.
Redza said the NCIA was confident of reaching its RM10bil target, as there were new investments flowing into the services sector in the northern region.
“For example, we recently roped in RM575mil in investments for the hotel industry in Taiping until 2016.
“Of the RM575mil, some RM160mil will be spent this year for hotel projects in Taiping.
“We expect similar investments to pour into the services and hospitality sectors of other northern towns and states this year,” he elaborated.
Redza said the NCIA was currently negotiating for biotechnology investments from overseas into the northern region to take the agriculture sector to the next level.
“We are in the advanced stage of negotiations with a bio-technology company from the United States to invest in a northern state,” he said.
On Budget 2014, Redza said the NCIA was hoping to see the implementation of demand-driven incentives to encourage multinational corporations (MNCs) to utilise the resources of small and medium enterprises (SMEs).
“For example, to complement the existing incentives for MNCs, the Government could introduce attractive measures to drive the local SME-MNC partnership.
“We would arrange financial facilities for the SMEs working with the MNCs with institutions such as Malaysia Venture Capital Management Bhd and Malaysia Debt Ventures Bhd,” he said.
Northern Corridoe Implementation Authority (NCIA) chief executive Datuk Redza Rafiq says investmentsin the first half reached RM7.2bil and created 10,750 jobs.
Redza added that the NCIA would also like to see the implementation of economic measures that would raise the incomes of farmers via the introduction of high-value crops.
“Such measures would also reduce Malaysia’s imports of food products, which have an estimated value of RM14.2bil per year, more than the RM13.4bil worth of food products exported,” he said.