IRDA's RM636bil investment goal to help propel Malaysia into top 30 global economies

Prime Minister Datuk Seri Anwar Ibrahim. — Bloomberg

KUALA LUMPUR: The Iskandar Regional Development Authority's (IRDA) target to achieve cumulative investments of RM636 billion by 2030 is among Iskandar Malaysia's strategies to assist the country in becoming one of the top 30 global economies and the top 12 in global competitiveness.

Prime Minister Datuk Seri Anwar Ibrahim said that during the same period, IRDA also aims for a gross domestic product (GDP) growth rate of 5.5-6.5 per cent and a GDP per capita of RM58,800.

"I believe that the growth targets for Iskandar Malaysia will also be driven by initiatives such as the Johor-Singapore Special Economic Zone (JS-SEZ) and the Forest City Special Financial Zone," he said in a statement on X today.

Earlier today, the Prime Minister chaired the 32nd IRDA Members' Meeting, which, among other things, examined its future direction as the Corridor Authority and the coordination of the Iskandar Malaysia Comprehensive Development Plan III (2022-2030) under the MADANI Economy agenda.

"The meeting also discussed strategic initiatives to improve the Iskandar Malaysia Investment Service Centre and enhance socio-economic development through equitable job matching," said Anwar, who is also the Finance Minister.

Hari ini saya mempengerusikan Mesyuarat Ahli Pihak Berkuasa Wilayah Pembangunan Iskandar (IRDA) ke-32 yang antara lain telah meneliti cadangan hala tujunya sebagai Pihak Berkuasa Koridor dan penyelarasan Pelan Pembangunan Komprehensif iii Iskandar Malaysia (CDPiii) 2022 -2030 di... pic.twitter.com/BmnCDHIPRA — Anwar Ibrahim (@anwaribrahim) April 23, 2024

He added that this is in line with the government's decision to restructure the country's investment promotion agencies, starting with the alignment of functions and roles of investment-related regional economic corridors.

The meeting was also attended by Johor Menteri Besar, Datuk Onn Hafiz Ghazi; Economic Minister Rafizi Ramli; and Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

During the launch of the MADINI Economy in July last year, Anwar said that the government aims to propel Malaysia to become one of the top 30 economies in the world within 10 years, up from its 37th ranking in 2022 based on World Bank data.

The government aims to achieve this by focusing on greater regionalisation and competitiveness, prioritising economic complexity and moving up the value chain. - Bernama