This article first appeared in The Edge Financial Daily on July 12, 2019

KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) will facilitate the provision of suitable land for project development under a memorandum of understanding (MoU) with China Communications Construction Co Ltd (CCCC) to promote growth along the proposed East Coast Rail Link (ECRL) corridor.

In a statement yesterday, MIDA said under the MoU, no exclusivity of land is determined or granted to any parties.

“Land policy is under the purview of the state authorities. Conditions may be imposed by the respective state authorities handling land matters, namely the state land and mines offices, depending on the category of land being applied for.

“Land reserved for natives and bumiputeras cannot be owned by foreigners,” said MIDA, which is Malaysia’s principal promotion agency under the ministry of international trade and industry to oversee and drive investment in the manufacturing and services sectors in the country.

MIDA said it announced in May this year that the agency had established an ECRL unit as a dedicated contact point to facilitate and promote the development of economic accelerator projects (EAPs) along the ECRL corridor.

The unit is engaging the respective states and interested parties to promote the EAPs. Based on the MoU, MIDA said the agency will identify and assist interested Malaysian companies cooperate with CCCC in the EAPs.

“The EAPs will include the development of an industrial park in the East Coast and West Coast of Peninsular Malaysia to attract trade and investment along the ECRL corridor. It also involves the establishment of logistics hubs at transport interchanges to promote connectivity and transportation of goods under the ECRL project, and transit-oriented development stations to promote new development and to support the growth of industrial parks.

“The MoU facilitates cooperation via the establishment of special purpose companies between CCCC and the interested Malaysian companies for the development of the EAPs. CCCC will undertake a feasibility study, development planning and marketing strategies, including investment in the project,” MIDA added.