ALOR STAR: Northern Corridor Implementation Authority (NCIA) has applauded the government’s initiative in allocating RM50 million for Chuping Valley Industrial Area (CVIA) project in Perlis.
Its chief executive officer Datuk Seri Jebasingam Issace John said the project has the potential to change the economy of Perlis in a significant way.
“The CVIA will transform Perlis and will bring positive impact to the Northern Corridor Economic Region (NCER).
“It will bring in more investment and create more jobs which will encourage people to not leave the state and contribute more,” he said.
NCIA will start work on the project in November and expects investment of about RM4.5 billion to flood into the state.
“Once it is completed, we will have 13,000 jobs available for the people of Perlis,” he added.
He explained that the Electrical and Electronic (E&E) industry has the highest export numbers for Malaysia and therefore is a huge contributor to the country’s economy.
“The E&E industry in the NCER makes up of 44 per cent of overall direct investment worth RM30.04 billion.
“Penang alone contributed RM9.93 billion from 2016 to 2018. With 10 years profit tax exemption and the special allowances for investment tax, the E&E industry in the NCER will grow into the main hub of Malaysia,” he said.
NCIA said the 2020 Budget provisions for the industry will change the economy of the northern states for the better.
“The 2020 Budget will help raise the socio-economy of the people in terms of job creation, new business opportunities and pulling in investments to the people living in the northern region. I want to thank the government for giving a boost to the economy of the northern region,” he said.
Source: New Straits Times