NCIA describes 2020 Budget as dynamic, inclusive
GEORGE TOWN, Oct 12 -- The Northern Corridor Implementation Authority (NCIA) has described the 2020 Budget as dynamic and inclusive, while prioritising the prosperity of the people and sustainable growth.
Chief executive Datuk Seri Jebasingam Issace John said Finance Minister Lim Guan Eng in tabling the budget in Parliament yesterday, had announced an allocation of RM50 million for high impact strategic projects at the Chuping Valley Industrial Area (CVIA).
" The CVIA is set to transform Perlis and revolutionise the Northern Corridor Economic Region (NCER), while expected to attract more investments, as well as create more jobs for locals to help reduce the migration of people from the state,” he said in a statement here today.
He said the NCIA will begin construction of the CVIA infrastructure next month and is expected to receive its initial investors as early as June 2020.
According to Jebasingam, the project is anticipated to draw investments of RM4.5 billion and create 13,000 job opportunities when fully completed.
Meanwhile, he said the electrical and electronics (E&E) industry which recorded the highest export market and was the key contributor to Malaysia’s economy, also received encouraging support in the 2020 Budget.
“The development of the E&E industry at the NCER recorded 44 per cent of the overall direct investments of the E&E sector in Malaysia of RM30.04 billion. Penang, as the E&E hub of the NCER, contributed RM9.93 billion from 2026 to 2018.
“The tax exemption of up to 10 years for E&E companies which invest in knowledge-based services as well as a special investment tax allowance to encourage existing E&E companies to continue investing is much welcomed to enable the NCER to become the E&E industry hub in Malaysia,” he added
Jebasingam said the NCIA also appreciated the allocation of RM300 million to support small medium enterprises with the potential to become regional champions, as well as RM50 million to encourage SMEs to undertake more promotional activities.
“This allocation is in line with the development of human capital at the NCER to enhance the socio-economic level and quality of life of the local populace.
"It is also aligned with NCER’s strategic framework towards creating jobs, entrepreneurial opportunities and enhancing investments in Kedah, Penang, Perak and Perlis," he added.
-- BERNAMA
|
