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KUALA LUMPUR (September 16): Bandar Malaysia’s startup will boost business across sectors as it will be a hub for local and international fronts, says Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz.
He said the investment is also a testament to the confidence of foreign investors towards Malaysia and will have an economic multiplier effect for the entire country.
“With a gross development value of RM140 billion, it will be the largest development of its kind in our country.
“This project will unlock an enormous potential to attract talent and high-impact global businesses to the country, in line with the government’s vision of guaranteeing prosperity for all,” he said yesterday during the presentation of the IWH-CREC Sdn Bhd check for worth RM1.24 billion to TRX City Sdn Bhd.
Under the agreement, which marks the start of Bandar Malaysia, IWH-CREC will acquire a 60% stake in Bandar Malaysia Sdn Bhd, the lead developer of the project, from TRX City, with the remaining 40% held by TRX City.
Tengku Zafrul also said that despite the country facing ongoing challenges due to the Covid-19 pandemic, market sentiment has remained strong, especially from foreign investors, as it has attracted RM 23.1 billion in the bond market. until August.
“The ringgit has also emerged as one of the strongest currencies in Southeast Asia, driven by continued government initiatives to address Covid-19,” he said.
Meanwhile, the Ambassador of the People’s Republic of China to Malaysia, Bai Tian, said that this project signifies the strong bilateral ties between China and Malaysia.
“This is one of the largest projects that Chinese companies are investing in in Malaysia and it also raises great expectations from both countries as well as the rest of the world,” he said.
He also said that in a spirit of friendship, China will give priority to Southeast Asia, especially Malaysia, in distributing the Covid-19 vaccine, once it is available.
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