KUALA LUMPUR, March 8 — The East Coast Rail Link (ECRL) is anticipated to contribute a 3.8 per cent increase to Malaysia’s gross domestic product (GDP) by 2047 by enhancing trade, boosting tourism, and stimulating regional development.
Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz said the ECRL project, valued at almost RM75 billion, is more than just a rail link cutting across Kelantan, Terengganu, Pahang and Selangor, but also a cornerstone for economic growth and social progress.
“The ECRL is poised to be a game changer for Malaysia, linking us more closely to the Pan-Asia railway network and enhancing our connectivity with Asean and Eurasia regions.
“Spanning 665 kilometres and connecting our east and west coasts, the ECRL represents Malaysia’s significant integration into a broader network of trade and cultural exchange,” he said in his keynote address at the Seminar on East Coast Rail Link-Economic Accelerator Project (ECRL-EAP) Business and Investment Opportunities here today.
He said by “facilitating quicker coast-to-coast movement and offering an alternate maritime gateway for cargo and passenger flow, it is poised to slash cargo vessel travel time by a significant 2.5 days between the Port Klang and Kuantan Port ports.
“As of February 2024, the project is 62 per cent complete, with each state’s alignment progressing steadily towards the finish line,” he noted.
With a target completion date set for December 2026 and operations kicking off in January 2027, the ECRL-EAP is set to enhance Malaysia’s economic landscape and connectivity.
“On this, we see significant potential for government-linked investment companies (GLICs) and private sector players to actively participate and invest in projects along the ECRL corridor,” he said.
Prime Minister Datuk Seri Anwar Ibrahim recently announced a RM1 billion fund as part of the New Empowerment Agenda for Bumiputera, to be managed by GLICs. This is aimed at cultivating a new generation of Bumiputera entrepreneurs in high-growth sectors.
Miti and its agencies, particularly Mida, will continue to position Malaysia as a regional gateway for international businesses and multinational corporations (MNCs). — Bernama
Reference: https://www.malaymail.com/news/malaysia/2024/03/08/ecrl-anticipated-to-contribute-38pc-increase-to-malaysias-gdp-by-2047-says-tengku-zafrul/122269