A 33 billion dollar masterplan to develop Malaysia's eastern region will provide a boon to construction, through the development of 227 projects, officials said Friday.
The East Coast Economic Corridor (ECER) will develop areas such as transportation, infrastructure development, tourism, education, manufacturing, the oil and gas industries and agriculture, they said. The 12-year plan, drawn up by national oil company Petronas, aims to reduce poverty in the rural Malay heartland states of Kelantan, Terengganu, Pahang and the district of Mersing in Johor in the east of the peninsular.
Nasarudin Idris, a Petronas vice-president, said the ECER will undertake "programmes and projects to raise incomes and reduce poverty by expanding employment prospects through the introduction of high-impact, catalytic projects to spur development in the region."
The construction sector is likely to be the biggest winner as the government looks set to spend up to 43 percent of the total investment on developing transportation and infrastructure. Tourism and education is estimated to attract 30 percent of investment. Petronas said 32 tourism projects worth 16 billion ringgit have already been identified.
Manufacturing and oil and gas industries together are to have nine percent of the pie, while four percent will likely be spent on developing agriculture. Nasarudin said the property sector may also benefit as the government looks for ways to "unleash the potential of Malay reserve land" by setting up a real estate trust.