GEORGE TOWN: The Federal Government has announced the approval of a special tax incentive package through the Northern Corridor Economic Region (NCER).
Prime Minister Datuk Seri Najib Tun Razak said the package will help attract quality investment in four states in the Northern Corridor Implementation Authority (NCIA), Perlis, Kedah, Penang and Perak.
"This package will help elevate the investment in the four states to a higher level," he said before launching the NCER Development Blueprint 2016-2025 (Blueprint 2.0) at the Setia SPICE Convention Centre in Bayan Baru on Thursday.
The event was the grand finale to the series of comprehensive tours to Kedah, Perlis, Perak and Penang to raise awareness about the blueprint as well as to promote and discuss it.
"The world is constantly changing and economic regions need to be agile, creative and strong to manage the demands of market trends," said NCIA chief executive officer Datuk Redza Rafiq.
He added that this includes the way key stakeholders such as state and local governments, industries and non-governmental organisations were approached.
"Economic models have to be revolutionised to meet the needs of the fast-changing world," he said.
Blueprint 2.0 outlines 80 development projects across the four states encompassing three categories, namely the Growth Nodes, Transcending Borders and Localised High Impact projects. These projects are expected to offer more high-value and high-income job opportunities, creating a spillover effect that would uplift local industries and businesses in the region.
The seven Growth Nodes in the four states are the Kedah Rubber City and Kedah Science and Technology Park in Kedah; Chuping Valley Industrial Area and Perlis Inland Port in Perlis; Greater Kamunting Conurbation and the Manjung-Amanjaya Maritime City in Perak; and the Batu Kawan Development in Penang.
These new growth nodes refer to the inherent interdependence between the Government, the private sector and the community; and will continue to be the backbone of economic development throughout the region.