State exco: Ringgit decline unlikely to impact foreign investments in Johor

JOHOR BAHRU: The declining value of the ringgit and the uncertain global economic environment are unlikely to affect Johor’s foreign investments this year.

Johor Trade Investment, Consumer Affairs and Human Resources Committee chairman Lee Ting Han (pix) said the state government has received more than 200 investments as of March 31.

Manufacturing, electricity and electronics, food processing, and chemicals and petrochemicals were among the sectors that received the most investments, he said.

“Johor received investments amounting to RM43 billion last year, 751 projects were implemented. We are confident that Johor will record a high level of foreign investments this year.

“Although the value of the ringgit has fallen, the economic growth rate and investment (level) continue to trend positively,“ he told reporters after the Ramadan Rahmah Bazaar walkabout at the Perling Mall here yesterday.

Domestic Trade and Cost of Living Ministry’s state director Lilis Saslinda Pornomo was also present at the event.

Lee said the implementation of several large-scale projects in the state is also expected to attract more new foreign investment in the future.

“Development projects such as the widening of the North-South Highway that begins in June and the widening of the Senai-Desaru Highway that commences in September will further boost the local economy.

“We will also sign a special agreement involving the Johor-Singapore Special Economic Zone (JS-SEZ), in addition to the special financial zone in Forest City and many more,“ he said.

According to him, the entry of various foreign investments will directly benefit the state and improve the people’s living standards via the creation of quality employment opportunities.

“As many as 19,000 new jobs were created last year from all the state’s foreign investments,“ he said. -Bernama