Malaysia PM: New projects include Pengerang LNG terminal
BY JASON NG
KUALA LUMPUR -- Malaysia has announced a slew of new projects worth a total of $1.82 billion in investments, as part of its broader ambition to become a high income economy by 2020.
The projects range from manufacturing to infrastructure construction and are part of a decade long $444 billion economic transformation program that aims to boost annual per capita income to $15,580 and create 3.3 million jobs to help narrow the wealth gap between Malaysia and its richer Asian neighbors such as Singapore and Hong Kong.
These investments today fit into our focus areas which include high technology, green and alternative energy technologies, and knowledge intensive industries, Prime Minister Najib Razak said at the unveiling of the projects at the administrative capital of Putrajaya, outside Kuala Lumpur.
The new projects include a $1.32 billion Pengerang LNG Terminal in Johor and a $40 million investment by India's Ranbaxy. to build a second manufacturing facility in Malaysia.
Mr. Najib also said that the economic transformation program has attracted a total of 28 projects worth $8.46 billion so far this year, and that the government remains focused on creating conditions that are investor-friendly.
The ETP was launched in 2010 with 131 Entry Point Projects, billed as catalytic infrastructure development initiatives with widespread knock on effects on economic growth. The government bets heavily on private investments to finance these projects as it has limited fiscal room to spend.
Under the program that covers energy, healthcare and communications, among other industries, private sector investments rose 19% year on year in 2011 to $31 billion, exceeding the program's annual target of $26 billion.
Dow Jones Newswires