JOHOR BAHRU, Oct 12 Okt — The 2020 Budget tabled by Finance Minister Lim Guan Eng yesterday will present a new economic direction for Malaysia, providing catalysts for the country to compete in the global stage, said Johor Petroleum Development Corporation Berhad (JPDC).
According to its chief executive Mohd Yazid Ja’afar, the budget also provides equal economic opportunities to all its citizens, ensuring the existence of physical infrastructure and facilitating a system to support economic growth.
The focus on the development of the digital economy and the provision of highly skilled workforce, particularly in the technical and technology-related areas will also be a factor in attracting foreign investment, and opening up many opportunities for new industries to be based in Malaysia, he said.
“We believe that the government’s move to fully review and revise the Promotion of Investment Acts 1986, the Special Promotion Package and the incentives under the Income Tax Act 1967 will also attract Malaysia as a major investment destination in Asia,” he said in a statement here today.
He cited the development of Pengerang Integrated Petroleum Complex (PIPC) on 8,903 hectares of land in eastern Johor as an initiative which has helped in attracting new investors to look for opportunities in the second phase of PIPC’s development.
The opportunities are related to sectors in the oil storage and process products, oil refinery and petrochemical.
Meanwhile, Iskandar Regional Development Authority (IRDA) chief executive, Datuk Ismail Ibrahim said the 2020 Budget has clearly recognised the importance of developing the rakyat in the government’s recently launched Shared Prosperity Vision 2030.
As for Iskandar Malaysia, among initiatives that would directly impact the rakyat includes the RM42 million allocation for Sungai Segget Centralised Sewerage Treatment Plant, the RM85 million allocation for easing the traffic congestion at the Causeway and the building of new schools in Pasir Gudang, Kulai and Johor Bahru.
The government’s intention to proceed with the Rapid Transit System (RTS) between Johor Bahru and Singapore would also greatly benefit the rakyat.
Apart from that, he strongly believed the RM1 billion worth of customized packaged investment incentives, the Electrical and Electronics industry tax exemption and other incentives announced by the minister yesterday could boost the total investment (cumulative investment) in Iskandar Malaysia.
“Iskandar Malaysia is now going through its innovating and sustaining stage of growth. It is therefore reassuring to note that the government has strongly emphasized research and development through innovation from several fronts including ICT, digital transformation, telecommunication and entrepreneurship.
“They form the basis that would enable Iskandar Malaysia to further reaffirm its position as a region that offers the best location for investment, for work and for living, now and for the future,” he said.