Prime Minister Datuk Seri Anwar Ibrahim emphasised the need to expedite development and infrastructure projects while simplifying processes between the federal government and states, such as land transfers.
“In addition, the planning and development of economic corridors also need to take into account planning and development potential with neighbouring countries,” he said after chairing a meeting attended by representatives from the Northern Corridor Implementation Authority, the Iskandar Regional Development Authority and the East Coast Economic Regional Development Council, here today.
Also present during the meeting this afternoon were relevant heads of state, federal and state government members, as well as industry representatives.
Anwar said in line with the Madani Economy agenda to restructure the national economy, the government has decided to implement the rationalisation of investment promotion agencies.
“Promotional activities and approval of investment incentives will be centralised to the Ministry of Investment, Trade and Industry (Miti) through the Malaysian Investment Development Authority (Mida).
“The corridor authority will focus on supporting the implementation/realisation of investments,” he said in a post on X, the social media platform formerly known as Twitter.
The meeting also discussed the status of incoming investment and infrastructure developments related to each corridor.
Three main corridors recorded cumulative investments of RM759.2 bln in 2022.
Anwar, who is also the Minister of Finance, said a total of RM185 billion in cumulative investments had been recorded by the northern corridor for 2022, which exceeded the target of RM146.5 billion for the years 2021 to 2025.
Iskandar Malaysia recorded RM409.5 billion in committed investments compared to the target of RM383 billion to be achieved by 2025.
The East Coast Economic Region received committed investments amounting to RM164.7 billion, he said.