Irda confident of getting RM30bil in committed investments this year

GELANG PATAH: Iskandar Regional Development Authority (Irda) is confident of achieving the target of RM30bil in committed investments this year, said chief executive officer Datuk Ismail Ibrahim.

He said Irda has clocked RM19bil up to August this year, which contributed to a total of RM242bil of both local and foreign investments recorded since the inception of the regional authority.

“For the remaining part of the year we need to work harder to ensure that we are not only able to achieve our base committed investment of RM25bil but also exceed our stretch target of about RM30bil,” he said.

Ismail was speaking to reporters after the launch of the Invest Iskandar Malaysia 2017 Symposium, which saw the participation of 600 key industry players.

When asked if IRDA could attract new investments to achieve its target by year-end, Ismail said that there were quite a few potential investors who were very keen in invest- ing in Iskandar Malaysia.

“There are in the process of negotiation but a final decision is made but definitely from year-to-year there are already existing players that will continue to make yearly investments.

“For example, Forest City has committed to invest more than RM100bil overall and of this they would invest between RM5bil and RM8bil averagely each year and that alone actually represents a huge chunk of investments,” he added.

Ismail added that IRDA would also be wait- ing for investment figures from the Malaysian Investment Development Authority (MIDA), which would release its reports a few months after closure of every quarter of the year.

He also concurred with Johor Menteri Besar Datuk Mohamed Khaled Nordin that Iskandar Malaysia must be ready to facilitate transformation into a new economy driven by millennials.

In his speech, Mohamed Khaled called on seasoned businesses to engage with younger counterparts and embrace values and business trends of millennials.