JOHOR BARU (TAR STAR NEWS NETWORK / ASIA) – Johor ruler Sultan Ibrahim Iskandar has expressed his desire to personally boost investment in the country as manufacturers around the world prepare to boost production in a post-Covid-19 era.
Sultan Ibrahim said with the mass immunization being carried out now all over the world, the economy will recover and that Johor must prepare for future changes.
“It’s important for Johor to get where it left off as a result of the Covid-19 pandemic.”
The ruler said investments in the manufacturing sector in Johor had fallen by the end of 2020 due to the closure of international borders and had directly affected the sector in the state.
He said it “hurts me a lot” when he received reports and information on job losses from the Johoreans and how people earning daily wages are struggling with putting food on the table.
He said everyone was affected by the pandemic but added that Johoreans should now get ready to face the post-19 Covid period and restore normalcy, including providing jobs for people.
“Johoreans need to understand that FDI (foreign direct investment) is becoming more competitive. We rely on foreign workers, while some Asian countries are able to secure lower wages in addition to having a group of workers.
“Johor can not choose, cry over the nationality of investors,” he said in an interview about Chinese New Year.
“It does not matter where these investors come from. Whether they are from the United States, the United Arab Emirates, Singapore, Taiwan, Timbuktu or China. As long as they invest here professionally, they are welcome.”
He said Johor had traditionally encouraged investment in manufacturing but would also encourage modern agriculture, food production and technology.
On February 2, The Star reported that despite the challenging business climate, Iskandar Malaysia is poised to attract about RM 17 billion (S $ 5.58 billion) in foreign and domestic investment this year.
Since its inception 15 years ago, Iskandar Malaysia has recorded total cumulative investments of RM 337.3 billion with over 60 per cent realized.
The main foreign countries are China (RM 54.6 billion), Singapore (RM 24.3 billion), the United States (RM 8.39 billion), Japan (RM 5.86 billion) and others.
Johor wants investors to feel welcome, comfortable, safe and valued to do business in Johor.
He told of China and Singaporean investors, Johor is the most attractive choice because of its strategic position, large Chinese-speaking business connections in the state, and its proximity to Singapore.
Sultan Ibrahim said there are no states in Malaysia that can offer that kind of investment value.
He also said he understood there had been concerns about policy changes, saying he wanted to give an assurance that there would be “no flip”.
“I personally will make sure that does not happen. It helps the Prime Minister to be from Johor as well. Relations between the federal and state governments are good.
“Importers It is important to note that every shareholder understands the importance of the state economy,” he said.
Sultan Ibrahim said Johor not only wanted investment from other countries but wanted their families to settle in Johor Baru and Iskandar Puteri.
He said it is much cheaper for these foreigners to buy property in Johor than Singapore and yet they can travel to the island republic every day.
He said the consequences of Covid-19 have delayed the construction of the Forest City in the state, but added that the economy in China has begun to recover.
Built on the southern tip of Johor, Forest City is a mix of residential, leisure, commercial and industrial spaces, Forest City will also include its own Customs structure, enabling residents working in Singapore to move back and forth in daily basis.
In addition to the Chinese, Singaporeans and Malaysians, Forest City hopes to attract buyers from Indonesia, Vietnam, Brunei, South Korea, Japan, Taiwan and Hong Kong.
The South China Morning Post recently reported that China’s economy returned to pre-pandemic growth rates in the fourth quarter of last year as its industrial engines ignited to meet increased demand for exports, pushing full expansion of the year beyond estimates and boosting its global. advance
Gross domestic product grew by 6.5 percent in the last quarter from a year earlier, bringing the growth to 2.3 percent for the whole year. This leaves the world the second largest economy boosting global growth and potentially outpacing US GDP faster than expected.
The recovery from the biggest drop recorded was created by taking Covid-19 under control and placing fiscal and monetary stimulus to boost investment.
Meanwhile, Brent crude oil prices have exceeded US $ 60 a barrel with demand expected before resumption of production worldwide.
Sultan Ibrahim said he wanted an update from the Ministry of Tourism, Culture and Arts, which has now taken over the functions of the Malaysia My Second House program.
“Let ‘s make it easier for wealthy businessmen to buy property in Malaysia, especially in Johor, and let their families be with them while they are putting millions of ringgit here.
“In many countries, migrants with skills and value-added resources are being encouraged to move there. Businessmen and residents who want to stay in Johor are no exception. They are not interested in politics or competing with locals for jobs.
“Their presence will actually lead to job creation as part of the multiplier effect from property development.”
