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KUALA LUMPUR: The Small and Medium Enterprises Association (Samenta) Malaysia has expressed confidence in the ability of the government's plans for the Northern Corridor Economic Region (NCER) to bolster the economy.
Its national president, Datuk William Ng, said capitalising on Penang's "lion's share" of the country's Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) over the past decade is a strategic move to stimulate growth in neighbouring states.
"With the semiconductor and medical devices sectors spurring growth in Kedah and Northern Perak, and considering the region's rich natural attractions such as ancient forests, pristine beaches, and archaeological sites, the northern states are poised to become a tourism hub," he told the New Straits Times.
However, Ng said it is essential to have unity among state governments — especially given their diverse political affiliations — in driving economic progress.
"This entails maintaining policy transparency and continuity, as well as instilling confidence in both local and foreign investors that their investments will be secure, irrespective of changes in administration.
"If successfully executed, the Northern Corridor has the potential to replicate the growth seen in the Klang Valley and stem the outflow of talent to both the Klang Valley and neighboring countries."
Earlier, Prime Minister Datuk Seri Anwar Ibrahim said the NCER will be developed into a world-class economic and technological hub.
Anwar said this will be realised through a focus on three industries: advanced services, high-value manufacturing, and modern farming.
He said the government aims to realise RM367.8 billion in investments in the NCER by 2030.
Source: https://www.nst.com.my/news/nation/2024/03/1031364/samenta-upbeat-govt-plans-ncer