The Malaysian Investment Development Authority (MIDA) launches its 5th installment of the MIDA Invest Series. A joint collaboration between MIDA and the Terengganu State Economic Transformation Unit (UTEN-T), the event features an in-depth presentation by the Executive Director and Chief Executive Officer of UTEN-T, Datuk Wan Mohd Albakri bin Wan Md. Noor.
Arham Abdul Rahman, Deputy Chief Executive Officer of MIDA says, “There are many exciting developments happening in Terengganu that bodes well for business and job opportunities. The East Coast Rail Link (ECRL), Terengganu Silica Valley (TSV), Terengganu Technology Hub (TTH), Visit Terengganu 2018 and the rejuvenation of the Knowledge Park in Tembila which is a boost to the development of human capital in the state.”
Arham adds, “The ECRL with a total of 688km long route, that links Port Klang, Selangor, Pahang, Terengganu and end in Tumpat, Kelantan will contribute to greater development for the economy in the rural areas of the east coast. This will also be a catalyst to enhance the other upcoming significant projects such as the Terengganu Silica Valley (TSV) that is set to become the world’s first silica valley, and Terengganu Technology Hub (TTH) which will be the first creative and cultural hub that fosters symbiotic growth between culture and technology.”
Launched on 3rd March 2018 by the Prime Minister, TSV is set to create up to 7,200 jobs for locals and will be capable of producing medium-to-large-sized silica-based industrial materials. MIDA is part of this game changer through its Special Task Force, has been engaging with the related Government agencies and utility providers. The Task Force is on track towards proposing implementable strategies and effective action plans for the next 5 years.
Apart from that, MIDA has also established a research desk on the silica and quartz value chain to identify gaps in the ecosystem and create opportunities to fill them towards developing a strong and comprehensive industry cluster towards higher-end downstream activities. This will provide opportunities for key players in the chemical, electrical & electronic, metal, green technology, glass and non-metallic industries.
Terengganu records the highest amount of investments in the manufacturing sector among the east coasts states as of end of last year. With 210 implemented projects valued at RM33.9 billion, these projects are mostly from domestic sources recording a total of RM20.4 billion or 60% while the rest are from foreign sources. These projects, which have created over 20,000 job opportunities, are mainly in natural gas, petroleum products including petrochemicals, basic metal products, rubber products and transport equipment industries.
The series that started in January this year with Perlis and Kedah, followed by Kelantan and Pahang in February serves to provide updates and insights on the investment opportunities and facilities in each of Malaysia’s 13 states.