IRDA banking on creative segment

Pinewood

ISKANDAR Regional Development Authority (IRDA) sees huge potential in its creative segment via Pinewoods Iskandar Malaysia Studios (PIMS), which is expected to generate RM3.5 billion of investments within the next six years.

Since it was established in 2006, IRDA has already attracted more than RM150 billion worth of investments, but it expects sectors such as creative, logistics and tourism to begin generating bigger investments.

“The hot sectors for local investors are definitely logistics, tourism and creative industries. In fact, we expect PIMS to generate RM3.5 billion worth of total investments with 9,500 of employment opportunities between now and 2020,” said IRDA chief executive Datuk Ismail Ibrahim on the sidelines of Khazanah Megatrends Forum 2014, here, yesterday.

Ismail also said Iskandar Malaysia is well on track to achieve its 2014 investment target of RM25 billion by year-end.

“We already have investments worth RM18 billion as of this month. We are confident of achieving the target by year-end. This is mostly because there are always surges of final investment decisions as companies rush to close their books and finalise next year’s plan in the final two quarters of the year.”

As for investment breakdown, 65 per cent of investments in Iskandar Malaysia are from local firms, with foreign investors making up the rest.

Ismail said he expects the investment ratio to even out organically in the future but without a designated timeline.

On 2015 Budget, Ismail said IRDA is currently in discussions with the government with regards to the firm’s budgetary needs and the outcome has so far been positive.

“Indications have been positive when it comes to the discussions. We believe the government is well aware on the importance of the budget allocation towards the ongoing development of Iskandar to its maturity in 2025,” he said.

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