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July 18, 2013

NCIA ropes in RM1.96bil investments for 4 projects

PUTRAJAYA: The Northern Corridor Implementation Authority (NCIA) has roped in RM1.96bil as a result of its collaboration with the private sector in four projects in each of the states under its purview.

Among the projects are the development of the first mall-cum-four-star hotel in Taiping and a luxury boutique hotel in Langkawi.

NCIA chief executive Datuk Redza Rafique said the four projects were aimed at ensuring the local communities in the northern region would be able to benefit through job creation.

The projects are expected to generate 3,650 jobs and business opportunities. “Putting aside the investment amount, our ultimate objective in Koridor Utara (Northern Corridor) is to pursue the agenda of growth with social equity,” said Redza.

The four projects were disclosed at the conclusion of the 10th NCIA council meeting chaired by Prime Minister Datuk Seri Najib Tun Razak, via a statement issued after the meeting.

Memoranda of agreements were signed between NCIA and JPB Asia Pacific Sdn Bhd, UWC Industrial Sdn Bhd, Unifortune Holdings Sdn Bhd, Seri Chenang Resort and Spa Langkawi for the projects.

The exchange of the documents were witnessed by Najib, Kedah Mentri Besar Datuk Muhkriz Mahathir, Perak Mentri Besar Datuk Seri Dr Zambry Abd Kadir, Perlis Mentri Besar Azlan Man and Penang Chief Minister Lim Guan Eng.

On foreign participation in these projects, Redza said the level of interest shown by foreign companies in the Northern Corridor projects were encouraging. “The exchanges today will bring out about not only technology but knowledge transfer from Canada, the United States and Japan to the community,” he said.

NCIA is currently on its first year of phase II development of the Northern Corridor with the adoption of new tools and approaches to socio-economic development.

While major works are being put towards the broadening and deepening of the private sector’s role in the economic development, Redza said the NCIA was seeking to implement the shared value concept, a win-win formula that referred to the innate interdependency existing between the corporation and the community. – Bernama