KUALA LUMPUR: The Lumut Maritime Industrial City (LuMIC) feasibility study is set to redefine the region in Perak as a pivotal hub in Malaysia's maritime industrial sector.
A development proposal will be formalised upon completion of the feasibility study targeted by early 2024.
The study is undertaken by Perbadanan Kemajuan Negeri Perak (PKNPk) and Port of Antwerp-Bruges International (PoABI) for LuMIC, which assessed the state and Malaysia's attractiveness in the port and maritime sector.
In a joint statement, PKNPk and PoABI said the project is expected to attract significant foreign direct investment (FDI) and local investment, catalysing economic growth and social development in the region.
The completion of the eight-month feasibility study, conducted as the inaugural phase of the 1.9 million euro (RM9.5 million) grant from the European Union (EU) in 2023, highlighted the collaborative endeavors between PKNPk and PoABI in evaluating Perak's prospects within the port and maritime sector, and fostering connectivity between Europe and Asia.
The report was presented by PoABI to key stakeholders including representatives from federal ministries, Perak state government, as well as local and international industry players from maritime, port, logistics and industrial sectors.
"In line with our Perak Sejahtera 2030 vision, we are eager to generate positive multiplier effects for Perak, thereby contributing to the nation's socio-economic development through the creation of job opportunities, global market access, and improved connectivity.
"Rest assured, the Perak state government stands fully committed and supportive to ensure the successful development of the LuMIC project," said the state's infrastructure, energy, water and public transport committee chairman Datuk Seri Mohammad Nizar Jamaluddin.
This phase of the feasibility study was done from July 2023 to February 2024.
During the study, PoABI provided international expertise, managed the project and was responsible for the findings and report, while PKNPk contributed crucial local insights and networking with relevant stakeholders.
Phase 2 of the feasibility study will focus on the development of a green energy assessments, and the formulation of a master plan and business plan.
Currently the green energy assessments are underway and is targeted for completion by December 2024 as part of the complete masterplan study.
Following the completion of the second phase of the feasibility study, the next step will involve planning aspects of the development, including land matters, conversion, subdivision, amalgamation, acquisition, and consultancy services.
Once the feasibility study is completed, LuMIC Development Sdn Bhd (LuMIC DevCo) will implement the master plan.
The special purpose vehicle, established in December 2023, is a joint venture between PKNPk and PoABI to develop and manage the integrated LuMIC.