Mida Urges Local Companies To Join Economic Accelarator Projects

As announced in May, this year, the Malaysian Investment Development Authority (MIDA) has established the East Coast Rail Link (ECRL) Unit as a dedicated contact point to facilitate and promote the development of the Economic Accelerator Projects (EAP) along the ECRL corridor. The Unit is currently engaging with the respective states and interested parties to inform and promote the EAPs.

Thus far, MIDA has been involved in many awareness programs to provide information regarding ECRL, including the interview with Bernama News Channel (31 May 2019), the Malaysia-China Manufacturing Roundtable Meeting in Sabah (14 June 2019) and the Malaysia-China Outlook Forum (8 July 2019). Moving forward, MIDA plans to organise seminars and business events to further promote and receive information from companies keen to take part in EAP development.

Based on the Memorandum of Understanding (MoU) signed by MIDA with the China Communications Construction Company Ltd. (CCCC), MIDA, as the principal investment promotion agency of the country will identify and assist interested Malaysian companies to cooperate with CCCC in the EAPs.

The EAPs will include the development of an industrial park in the East Coast and West Coast of Peninsular Malaysia to attract trade and investments along the ECRL corridor. It also involves the establishment of logistics hubs at transport interchanges to promote connectivity and transportation of goods under the ECRL project, and transit-oriented development (TOD) stations to promote new development and to support the growth of industrial parks.

The MoU facilitates cooperation via the establishment of special purpose companies (SPC) between CCCC and the interested Malaysian company for the development of the EAP. CCCC will undertake a feasibility study, development planning, marketing strategies, including investment into the project.

MIDA, through its promotional network, will facilitate the provision of suitable land for project development. Under the MoU, no exclusivity of land is determined or granted to any parties.  Land policy is under the purview of the state authorities. Conditions may be imposed by the respective state authorities handling land matters, namely State Land and Mines offices, depending on the category of land being applied for. Land reserved for natives and Bumiputera cannot be owned by foreigners.

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