ALOR SETAR, Oct 25 (Bernama) — The Rubber City earmarked for Padang Terap, which is set to get off the ground early next year, has targeted to attract investments of between RM5 billion and RM10 billion at its outset.
Kedah Menteri Besar Datuk Mukhriz Tun Mahathir said initial works such as acquiring land and constructing basic infrastructure such as roads, and providing water and electricity supplies would start early next year.
“The Rubber City project will be implemented in phases and if we were to earn between RM5 billion and RM10 billion in investments in its initial stage, it is a good achievement,” he told reporters after attending the Kedah Joint Industrial Coordination Committee meeting here Sunday.
About 1,500 acres (607 hectares) of land in Ladang Bukit Ketapang, Padang Terap will be acquired for the project, for which a RM320 million allocation was proposed in the 2016 Budget which was delivered by Prime Minister Datuk Seri Najib Tun Razak on Friday.
Mukhriz thanked the federal government and the prime minister for the proposed allocation.
International Trade Industry Minister Datuk Seri Mustapa Mohamad, who also attended the meeting, said the Malaysian Investment Development Authority would work with the state government to promote Rubber City to investors.
He said although foreign investors were already aware of the project, they would wait until the infrastructures were ready.
On the Kulim High-Tech Park expansion, he said the ministry supported the state government’s proposal to build its fifth phase, covering ??500 hectares costing RM330 million, but the final decision rested with the federal government.
The industrial park, which has accumulated investments of RM34 billion and created 28,000 jobs, needs to be enlarged to cater global investor interest, he added.