ISKANDAR MALAYSIA BRIMMING WITH OPPORTUNITIES, SAYS IRDA CEO

From Muin Abdul Majid

ABU DHABI, April 20 (Bernama) -- Prospective investors should know that the
Iskandar Malaysia special economic corridor in southern Malaysia is a holistic
development offering a wide spectrum of investment opportunities besides
property and real estate.

Iskandar Regional Development Authority (IRDA) chief executive officer Harun
Johari drove home this point during a panel discussion held in conjunction with
Cityscape Abu Dhabi 2009 which opened Sunday.

Alluding to a misconception among some parties that Iskandar was only about
property development, he said the economic zone was being developed based on
nine pillars, namely health services, educational services, financial services,
information and communications technology and creative industries, electrical
and electronics, petrochemical and oleo-chemical, food and agro-processing,
logistics and related services and tourism.

"Therefore, it'll become very balanced, robust and will be resilient in
terms of overcoming negative changes in the economic landscape," he said at the
April 19-22 real estate event being held against the backdrop of the global
economic slowdown and credit crunch.

Launched on Nov 4, 2006 and spanning across 2,217 sq km, Iskandar Malaysia
covers Johor Baharu, Senai-Kulai, Gelang Patah-Pontian and Pasir Gudang-Tanjung
Langsat.

"Certain countries in this region may be heavy on property and finance, but
IRDA and its partners are here to say that there are business opportunities in
other segments of the economy that we're ready to offer in Iskandar Malaysia,"
Harun said.

Pointing out that Iskandar was three times the size of neighbouring
Singapore, he said there was ample space for businesses to grow with the
development scheme, scheduled for completion in 2025, being supported by an able
workforce.

"We can provide a place that has more space and offers competitive
operational costs," said Harun of Iskandar Malaysia that had to date received
RM43 billion in investments from the RM47 billion targeted by 2010.

He said IRDA's participation in Cityscape Abu Dhabi was also aimed at
reinforcing its partnership with Middle Eastern investors in Iskandar Malaysia,
particularly within the Nusajaya development zone, one of the five flagship
zones in the growth area.

They include Mubadala Development Company, Aldar Properties PJSC, Kuwait
Finance House and Millennium Development International.

"In terms of attracting investments to Iskandar, the big picture for us is
that we want the whole world to come in. We have had good success in the
Middle East, we will continue (here). But we're also looking at (investments
from) other areas like India, China and also Singapore.

"Iskandar Malaysia is one destination for the world, we're providing this
opportunity for the world," said the chief executive officer of IRDA, the
planning and implementing agency of the economic zone.

The current global economic and financial woes, he said, was an opportunity
for IRDA to develop the supporting infrastructure in Iskandar necessary to lure
potential investors.

In an interview with Bernama, Harun took pains to explain that Iskandar
Malaysia was not about foreign investors alone for it was part of Malaysia's
nation-building agenda that would benefit the people.

According to him, the people in Johor had begun to see actual work taking
place on the ground and investors committing to various projects, allaying
concerns that Iskandar would only look good on paper.

"One of the things we want to do when we undertake this project is to get
the people of Johor to participate, actually move along with us so that in the
end we have also the soul of Johor inside the place," said Harun as he reminded
the people that Iskandar was a long-term project.

He talked about the creation of 800,000 jobs associated with Iskandar,
Malaysia's largest economic zone, as well as job opportunities for unemployed
Malaysians.

"There's a lot of Johorean talent around, like in the Klang Valley and
elsewhere. How to bring them back to Johor? So we have to show the available
opportunities, we may have to do some sort of matchmaking between such talent
and new industries coming in to Iskandar," he said.

Harun also mentioned about creating public housing schemes of quality for
those in the lower income group.

"They would be able to rent the units and while renting they can save money
to eventually buy their own houses," he said, adding that the housing concept
would provide conducive living environment for everyone.
According to Harun, IRDA had been developing the Iskandar brand both inside
and outside the country over the past two years.

"But we still haven't reach all our targets. So the branding initiatives
will continue as it is a long-term project. And locally we want people,
particularly those in the Iskandar region, to be engaged in the project so that
they would feel the pride of contributing to the development of Iskandar
Malaysia," he added.

-- BERNAMA