The Tun Razak Exchange (TRX) and booming Iskandar Malaysia will increase the country's competitiveness in the ASEAN region, said Kumar Tharmalingam, Chief Executive Officer of Malaysia Property Incorporated.
Ideally located near the gateway to Singapore, the bustling Iskandar region has amassed significant interest from other countries in Asia as well multinational players.
"Even the Singapore government is providing incentives for companies to relocate their plants to Iskandar and to save landbanks on the island," noted Kumar, adding that the new strategy will happen over the next three years.
Notably, foreign investments in the corridor soared to 24 percent from just eight percent, a testament to the economic corridor's growing allure, said Kumar. He added that "investments are mainly coming from Singapore".
Meanwhile, the TRX is poised to transform Kuala Lumpur as South East Asia's new financial hub, just like Hong Kong and Singapore.
At the same time, Malaysia is also becoming a logistics hub for many international companies due to its strategic location in Asia.
"For instance, European companies are now looking at the ASEAN region as they no longer want to deal with Europe, China or India," added Kumar, highlighting the strong potentials of Malaysia and Indonesia.
Aside from Johor and Greater KL, other state states that are attracting solid investments are Penang, Sarawak, Perak, Melaka and Sabah, he added.
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