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Tun Razak Exchange to spur growth
More than RM3.5bil FDI in phase 1|
KUALA LUMPUR, 30 July 2012: Kuala Lumpur is set to be a leading global centre for international finance, trade and services with the launch of the Tun Razak Exchange (TRX) today.
In a promising start, more than RM3.5 billion worth of FDI will flow into the country under Phase 1 of the Exchange.
Prime Minister Dato’ Sri Mohd Najib Tun Haji Abdul Razak officially launched the Tun Razak Exchange, which is a national initiative to spur sustainable growth in new areas and lead the way for the federal capital to be a sustainable, smart and liveable city.
This strategic development on 70 acres off Jalan Tun Razak is projected to generate a gross development value of more than RM26 billion.
Directly and indirectly, the exchange will create a total of 500,000 jobs when fully completed. More than 100 top global companies are expected to locate at the Tun Razak Exchange.
1MDB’s sole shareholder – Government of Malaysia – sees the Tun Razak Exchange as a key enabler for both the Economic Transformation Programme and the Government Transformation Programme.
The shareholder is determined for the Tun Razak Exchange to be an icon of how Malaysia interacts with the world business community. It will be a modern melting pot for new investment opportunities with wide-ranging economic activities that can produce high multipliers.
Dato’ Sri Mohd Najib, who is the Chairman of the 1MDB Board of Advisors, has formed a special task force in a holistic approach to realise the strategic intent.
With this, the Tun Razak Exchange will receive the full support of the entire government machinery, from planning, development and completion to full operation of the international centre.
Chaired by Minister in the Prime Minister’s Department Tan Sri Dato’ Nor Mohamed Yakcop, the task force will, among others, review and put in place policies and regulations that are more business friendly for the international business community to transact in Malaysia and make the Exchange more attractive to investors.
1MDB Board of Directors chairman Tan Sri Dato' Seri Lodin Wok Kamaruddin said: “Ultimately we share our shareholder’s national objectives. The Tun Razak Exchange is in a strong position to support the Financial Sector Blueprint 2011-2020, Digital Malaysia Agenda, 10th Malaysia Plan, Greater KL and an inclusive 1Malaysia.”