BUSINESS

M-WEZ AIMS TO BE A MAJOR ECONOMIC CONTRIBUTOR TO MELAKA

09/04/2021 10:35 AM

KUALA LUMPUR, April 8 -- The Melaka Waterfront Economic Zone (M-WEZ) aims to boost the state’s maritime sector to become a major economic contributor to Melaka, supported by its position as a natural and deep-water harbour.

Chief Minister Datuk Seri Sulaiman Md Ali said the M-WEZ would encourage the development of container and general cargo ports, cruise and ferry terminals, free-trade zones, logistics hub, oil and gas terminals, ship-to-ship (STS) operations, as well as transfer facilities.

“The STS operations will allow higher shipping flexibility and cut costs for shippers,” he said at the launching ceremony the M-WEZ here today.

He said the economic zone would comprise five distinct clusters, namely the Melaka Harbourfront, Smart Logistic Nucleus, Digital Satellite Township, Central Eco Business Park, and Trade Nucleus New Township.

Sulaiman said the zone would also have new areas dedicated to tourism products, duty free zones, shopping malls, offices, hotels, residences, and industrial revolution 4.0 industries.

“We expect to table a bill on the setting up of Perbadanan M-WEZ, which will map out policies, direction and strategies in the development of the corridor,” he said.

Sulaiman said the state government is also finalising the blueprint to serve the master plan on the development of the zone.

Moreover, he said the M-WEZ, which would attract over RM100 billion global investment over a 15-year period, is expected to generate more than 20,000 jobs every year, prioritising employment of locals.

Sulaiman said the economic zone would also contribute at least 5.0 per cent to the state’s annual gross domestic product or equivalent to RM3 billion to RM4 billion a year.

On funding for the economic zone, he said the state government would bring up the matter to the federal government at their next meeting in May 2021.

Meanwhile, Sulaiman said the state expects new investments to reach RM5 billion in 2021, including that of German semiconductor giant Infineon Technologies that has pledged to invest RM3.25 billion in Malaysia, particularly in Melaka until 2029.

-- BERNAMA


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