ECERDC STUDIES PROPOSAL TO UPGRADE TOK BALI SUPPLY BASE TO PORT STATUS - KELANTAN MB

PASIR PUTEH, June 9 (Bernama) -- The East Coast Economic Region Development Council (ECERDC) is studying a proposal to officially upgrade the Tok Bali Suppy Base (TBSB) here to a port, said Kelantan Menteri Besar Datuk Ahmad Yakob.

He said the move was taken to capitalise on the government's decision to approve special tax incentives to drive investment in Tok Bali as a new growth centre by providing 100 per cent income tax exemption for 15 years and income tax at a special rate of 17 per cent for the next five years.

“ECERDC is looking into (a proposal) to officially upgrade the existing TBSB to a port.

“The port will help the authorities establish direct trade relations with Thailand, Vietnam and China and further accelerate economic growth in Tok Bali," he told reporters after officiating at Dataran Bahtera here today.

Last January, the Finance Ministry approved the special tax incentive to drive investment in Tok Bali.

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said non-citizen individuals holding senior management positions for the incentive-approved companies would only be taxed at a flat rate of 15 per cent to increase Kelantan’s competitiveness as an investment destination.

Commenting further, Ahmad said following the tax exemption incentive, a Tok Bali Development Committee had been established which was co-chaired by him and Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed.

“This committee will act to coordinate development projects that are and will be implemented by government and private agencies in Tok Bali.

“The government has to act quickly so that investors do not invest in Southern Thailand instead when there is more potential in our region than there,” he said.

-- BERNAMA