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Projects worth RM30bil to put nation on the ETP roadmap

Tuesday October 26, 2010



Nine agreements worth at least RM30bil have been inked between the Government and the private sector, boosting the RM1.3tril Economic Transformation Programme (ETP).

“This will convince those who have doubted the ETP,” Prime Minister Datuk Seri Najib Tun Razak said yesterday at the launch of the goal-oriented programme, which is seeking to transform Malaysia into a high-income nation by 2020.

He said the agreements to kick-start nine Entry Point Projects (EPPs) would put the nation on the right course on the ETP roadmap.

The companies are German-based LFoundry, St Regis, Mydin Group, Abu Dhabi-based Muba-dala, WCT Bhd, renowned oilfield services player Schlumberger, Asia e-university, Premium Renewable Energy Sdn Bhd and Genting Bhd.

The projects are:

  • Germany’s LFoundry will invest a total of RM1.9bil to set up five wafer fabrication plants in Kulim Hi-Tech, Kedah. The initial investment is RM214mil.
  • St Regis will build a six-star hotel and residence worth RM1.2bil in KL Sentral. The 208-room hotel and 160-unit residence will be built on a 0.88ha plot.
  • Mydin is investing RM1bil to open 14 new branches and assisting the Government in its sundry shop transformation programme.
  • Schlumberger has invested RM300mil to establish a new Global Financial Hub and shared services in Bandar Utama, Selangor. This is part of the Greater KL New Key Economic Area to attract 100 multinational corporations to relocate to Kuala Lumpur by 2020.
  • Premium Renewable Energy will set up a RM124mil bio-oil plant in Lahad Datu, Sabah. It is also investing in 29 bio-oil plants by 2020 as part of the Palm Oil NKEA to commercialise second-generation biofuel using oil palm biomass.
  • Mubadala of Abu Dhabi is investing in the RM26bil KL International Financial District on a 34-ha plot near Jalan Tun Razak, Kuala Lumpur.
  • Malaysia Airports Holdings Bhd had awarded a 25-year concession to WCT Bhd to build a RM486mil integrated complex at KLIA 2, the upcoming low-cost carrier terminal in Sepang.
  • Asia e-University has been picked as the gateway university for international education in distance and on-line learning. It is expected to generate gross national income of RM100mil.
  • Genting is investing RM150mil to build Johor Premium Outlets in Genting Indahpura.

Najib said the projects were part of the 131 EPPs that would be implemented to create 3.3 million new jobs.

This article is a verbatim copy of the original article from The Star.

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