IRDA targets RM20b investments a year

KUALA LUMPUR: The Iskandar Reginal Devolopment Authority (IRDA), tasked with turning south Johor a thriving economic hub, aims to attract at least RM20 billion of committed investment annually from 2012 to 2018 into Iskandar malaysia to achieve a total investment of RM383 billion by 2025,said its CEO Ismail Ibrahim. "We have a long term target of RM383 billion, by the time we reach maturity in 2025. This is the cumulative committed investmentfrom the year 2006," Ismail told reporters on IRDA's insight and potential investment plan yesterday. "Last year, we managed to achieve RM15.3 billion. From 2012, on year to yea basis, we are working on the target of RM20billion of committed investments per year because we are confident with the growing investments coming in and with the right clustering, we'll be able to achieve the target," he said. Ismail said the economic corridor has drawn a cumulative investment of RM84.9 billion as of last December, of which 60% are domestic investments, and the remaining 40% foreign investments. He said the Iskandar Malaysia has progressed rapidly, with the several key developments completion. Progress is being achieve across multiple sectors including education, healtcare, leisure tourism, property, creative and retail. "We are now able to create better investment eco-system and we have catalyst projects that will spur the developments," he said. On whether IRDA is eyeing new investment into Iskandar Malaysia, Ismail said it is currently in discussion with potential local and overseas partners, particularly in tourism, oil and gas, and financial services. IRDA is a federal statutory body entrusted with regulating and driving the development of Iskandar Malaysia and its core functions include planning, promoting and facilitating the development of Iskandar Malaysia.