PAGOH: Malaysia is still a preferred destination for foreign investors, despite the current Covid-19 pandemic, said Tan Sri Muhyiddin Yassin.
The prime minister, however, said the amount of global capital for investments had nevertheless shrunk because of the pandemic.
"This means that Malaysia is facing stiff competition because every country is looking to attract these investments. I believe Malaysia is still a preferred country for investors," said Muhyiddin.
He said 2021 and 2022 are special years as Malaysia had decided to provide additional incentives to attract more investments.
"These incentives will be announced by the Finance Ministry."
Muhyiddin said Malaysia is also seeking to attract specific types of investments to the country.
"We want to attract more high technology investments like those involving robotics, artificial intelligence, Internet of Things and blockchain," said Muhyiddin.
He told this to reporters after launching the Pagoh Special Economic Zone at Bandar Universiti Pagoh here, today.
Muhyiddin, who is the Pagoh member of Parliament, said DRB Hicom Bhd and Malakoff Corp Bhd, both owned by businessman Tan Sri Syed Mokhtar Al-Bukhari, have also expressed interest in investing in the economic zone.
"I have confirmed with Syed Mokhtar himself about this. DRB plans to develop a factory to make components for Proton cars while Malakoff wants to build a factory that produces solar panels.
"Both factories involve a substantial amount of investments and require large plots of land. Hopefully, these investments can be realised in the first phase of the development of the zone," said Muhyiddin.
He said the development of the economic zone is important not only for Pagoh but also for northern Johor as these areas are not within any economic regions.
"This development will attract investments to these areas which in turn will create job opportunities for the local population," said Muhyiddin.
The first phase of the economic zone will see Sime Darby Property Bhd develop an industrial park and an entrepreneur park on 343.9-hectare of land with a gross development value of RM1.1 billion.
The development of the economic zone parks would take between five and seven years to be fully completed.