CEO of Malaysia’s Iskandar Regional Development Authority (IRDA) Ismail Ibrahim says the Iskandar Malaysia development region can achieve its target of RM73 billion (US$24.6 billion) in new investments between January 2011 the end of 2015, despite additional challenges.

In fact it’s already ahead of projections, with RM69.48 billion in new investments by December 2010 beating the RM47 billion target. Add figures from this year and Iskandar Malaysia has brought in RM73.24 billion since the project’s genesis in November 2006. 59% are domestic investments and 41% from foreign sources, with 41% of the foreign pledges already spent.

Ismail said IRDA would focus on big regional investors like Japan, South Korea, China, India and Asean, rather than early targets Europe and the Middle East. He added the global investment climate was ever-changing, though, so there were “no hard and fast rules” for IRDA in its quest for foreign investment.

Main industries committed to Iskandar Malaysia are the manufacturing sector (RM28.25 bil/$9.5 bil), properties (RM24.26 bil/$8.17 bil), and government (RM6.28 bil/$2.1 bil). Smaller contributors were utilities and tourism. IRDA, in partnership with the government-backed Iskandar Investment Bhd (IIB) is chasing ‘quality investments’ in tune with Malaysia’s development ambitions for theĀ 2,217 sq km special economic zone in Southern Johor. Industries of particular interest are electronics, healthcare, higher-end manufacturing, R&D and tourism.

source & article: The Star Online