Terengganu is expected to see an inflow of investment worth RM41.5 billion by 2020 and the state’s economic growth to rise to 8% compared to RM27.5 billion investment recorded in 2015.
The east coast state which is part of the East Coast Economic Region (ECER) corridor, has attracted RM26.3 billion in investments between 2007 and September this year, according to figures released by the East Coast Economic Region Development Council (ECERDC).
The ECERDC also said the investments during the period had created 30,078 jobs in the state.
Yesterday, Tiara View Housing Development Sdn Bhd inked an agreement with the state government to build an integrated development with RM2.4 billion in gross development value (GDV) at the Kuala Terengganu City Centre (KTCC).
The ECERDC also announced the latest phase of the Kertih Biopolymer Park project.
Terengganu Mentri Besar Ahmad Razif Abdul Rahman said the two projects are among 71 other committed projects expected to generate investments worth RM41.5 billion over the next four years.
He said a total of four projects will be launched this year, with another 13 ventures expected to take off in 2017.
The development projects expected to be launched later this year include a RM229 million aircraft maintenance, repair and overhaul depot and a RM165 million cargo hub, both to be erected at Sultan Mahmud Airport.
The projects involve five key areas identified by the Terengganu State Economic Transformation Unit as documented in the Terengganu State Economic Transformation plan.
The areas are manufacturing; oil and gas; biotechnology; tourism; communications, content and emerging technologies; and small and medium enterprises (SME).
These projects are expected to create over 40,000 jobs in Terengganu by 2020.
Ahmad Razif said monthly household income is also expected to reach RM8,000 by 2020 from RM4,816 per month recorded this year.
“The state’s gross domestic product is expected to increase from 4.5% to 4.8% this year to 8% in 2020,” he said after witnessing the signing of the KTCC and Kertih Biopolymer Park projects.
ECERDC CEO Datuk Seri Jebasingam Issace John said the agreements exchanged are important milestones, reflecting on the success of continued efforts to spur private investments in Terengganu.
“The new investment by Tiara View is a solid testimony of our investors’ confidence in ECER projects and will serve as a catalyst in transforming the landscape of KTCC.
“Meanwhile, the collaboration for Kertih Biopolymer Park will further boost the state’s bio-economy sector, which is a key growth driver of the economy.
Ultimately, this will benefit the rakyat through increased jobs and entrepreneurial opportunities,” he said.
Meanwhile ECERDC said: “To date, 10,893 people, 93% of them from the bottom 40% household income group (B40), have benefitted from the programmes.
“These programmes have also created 3,389 entrepreneurs, who in turn have generated 4,284 new jobs for the local communities,” the development council said.
The ECERDC said its human capital development programmes such as the Empower ECER, Entrepreneur ECER, ECER Talent Enhancement Programme, Agropolitan, [email protected] Home and TeraS have improved the people’s livelihood by upskilling or facilitating entrepreneurship.