BACHOK: The Federal Government will foot 47% of the RM112bil project proposed under the Eastern Corridor Economic Re-gion, Deputy Finance Minister Datuk Dr Awang Adek Hussin said.
He said the remainder would be borne by private development initiatives and government-linked companies.
Dr Awang Adek said the heavy expenditure by the Government showed its confidence in the strategies drawn up by Pet-ronas to jumpstart opportunities in the east coast.
He said this after handing over a funeral van to the Tok Bachok mosque before breaking fast on Saturday.
Dr Awang Adek said once the projects were implemented, residents would be able to see the emergence of new sub-sectors such as property, services and technology transfer to sustain the economic growth in the east coast for up to two decades.
He said the first group to experience spillover benefits would be farmers and fishermen.
Prime Minister Datuk Seri Abdullah Ahmad Badawi will launch the regional masterplan on Oct 29.
“Fishermen will also be given ample fun-ding opportunities to open up chalet accommodation beside the seafront so they can supplement their income through tourism promotions,” Dr Awang Adek added.
The ECER could also lay the groundwork for the east coast states to tap the regional economic prospects of Thailand, Vietnam, Japan and Laos.
It could also eventually be a hub for trade into and out of China.
Dr Awang Adek noted that the proposed multi-billion oil pipeline project linking Yan in Kedah and here was not part of ECER but was initiated by a private firm with international links including with the Middle East oil suppliers.
During the event, Bank Kerjasama Rak-yat Malaysia also handed out zakat am-ounting to RM10,000 contributions to the poor, senior citizens and single mothers.
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