Budget 2022: NCIA hopes for competitive fiscal, non-fiscal incentives

GEORGE TOWN: The Northern Corridor Implementation Authority (NCIA) hopes Budget 2022 will introduce competitive fiscal and non-fiscal incentives to respond to the changing business environment and international tax landscape to ensure that the Northern Corridor Economic Region (NCER) remains a preferred investment destination.

Chief executive Datuk Seri Jebasingam Issace John said the NCIA anticipates Budget 2022 will continue to support the implementation of NCER people-centric human capital programmes, especially for the vulnerable groups, that have already shown positive impact in improving incomes and livelihoods through job placement and entrepreneurship targeting women, youth and Orang Asli.

“Focus should also be given to the revival and sustainability of microenterprises and SMEs, particularly in those sectors affected by the pandemic such as tourism, retail and informal sectors,” he said in a statement to Bernama.

Jebasingam said the NCIA also expects Budget 2022 will also support economic growth and resilience in thematic areas such as food security, talent development, digital, and technological infrastructure.

“To this end, NCIA will accelerate implementation of high-impact projects such as Kedah Rubber City, Sidam Logistics, Aerospace and Manufacturing (SLAM) Hub, Chuping Valley Industrial Area (CVIA), and NCER AgriBio Economic Zone (NAEZ) to stimulate economic recovery and address regional imbalance,” he said.

However, Jebasingam said the NCIA wished Budget 2022 will continue to put emphasis on achieving regional balance and inclusion, in line with the Shared Prosperity Vision 2030 and the 12th Malaysian Plan (12MP).

He said the government is expected to announce the appropriate measures to expedite post-pandemic socioeconomic recovery.

The NCIA is a regional development authority responsible for establishing directions, devising policies and strategies related to the socioeconomic development of the Northern Corridor Economic Region (NCER).

Incorporated in June 2008 under the Northern Corridor Implementation Authority Act 2008 (Act 687), the NCER encompasses the four northern states of Kedah, Penang, Perak and Perlis.

The NCIA drives the growth of the NCER towards becoming an excellent economic region while catalysing and implementing high value-added development programmes in six economic clusters, namely manufacturing, agribusiness, petrochemical, mining, green economy, and services that include tourism, logistics and connectivity; and digital economy.