Prime Minister Datuk Seri Anwar Ibrahim has underscored the importance of accelerating development and infrastructure projects while streamlining processes between the federal government and states, particularly concerning land transfers. This emphasis on expediency and efficiency was voiced after a meeting with representatives from the Northern Corridor Implementation Authority, the Iskandar Regional Development Authority, and the East Coast Economic Regional Development Council.
Anwar stressed that economic corridors’ planning and development must consider their potential in collaboration with neighboring countries. This aligns with the MADANI Economy agenda, which aims to restructure Malaysia’s national economy.
As part of this restructuring, the government has decided to rationalize investment promotion agencies, centralizing promotional activities and investment incentives approval under the Ministry of Investment, Trade, and Industry (Miti) through the Malaysian Investment Development Authority (MIDA). This shift allows corridor authorities to concentrate on supporting investment implementation.
During the meeting, the status of incoming investments and infrastructure developments for each corridor was discussed. The results are promising, with cumulative investments of RM759.2 billion recorded in 2022 across the three main corridors:
- The Northern Corridor exceeded its 2021-2025 target with RM185 billion in cumulative investments.
- Iskandar Malaysia secured RM409.5 billion in committed investments, surpassing its 2025 target.
- The East Coast Economic Region attracted RM164.7 billion in committed investments.
This proactive approach to development and investment bodes well for Malaysia’s economic growth and stability.