Kuantan (Malaysia), Aug 4 (Inditop.com) Malaysian Prime Minister Najib Tun Razak Tuesday launched the country’s first Special Economic Zone (SEZ) that he said would be “Asia’s biggest”.
Located on the east coast in Pahang state, it aims to bring in RM90 billion ($25.6 billion) worth of investments and create 220,000 jobs by 2020, he said at the launch, Star Online reported.
The SEZ, covering an area measuring 25 km by 140 km, would attract more investments to the East Coast Economic Region (ECER), giving a boost to economic activities in the area.
Razak said the SEZ would be the biggest such economic zone in all of Asia.
Investors in the zone will enjoy many incentives, including a 10-year tax exemption, 100 percent investment tax allowance, and exemptions from import and export duties.
“For the first time, investors will be offered incentives that can be customised specially for them,” Najib said.
SEZs are planned to boost the recession-hit Malaysia, one of the more prosperous ‘tiger’ economies of the Southeast Asian region.
