30 July 2012, 19:23
Malaysia launches eight-billion-dollar financial district
KUALA LUMPUR. July 30. KAZINFORM Malaysian prime minister Najib Razak on Monday launched the country's first international financial district that targets to draw at least 26 billion ringgit (8.25 billion U.S. dollars) in gross development revenue, making Malaysia a leading financial hub and the top livable city in the world, according to Xinhua.
Najib said the district, named Tun Razak Exchange or TRX after Najib's father and a former prime minister, would attract 3.5 billion ringgit (1.11 billion U.S. dollars) worth of foreign direct investment under phase one and create 500,000 jobs when it is completed in 2016.
The 70-acre district is located in the busy Kuala Lumpur downtown less than a kilometer from the iconic Petronas Twin Towers.
The financial district offers tax free and handful of other incentives, a pedestrian-friendly green environment and public transport links to attract investments and foreign talents to base themselves at the exchange.
"Its buildings and infrastructure will conform to the highest levels of sustainability; pedestrians; pedestrians will be able to walk and play in green public areas; and it will have seamless links to public transport including the (Mass Rail Transit)," Najib said in his speech.
He added that the government would review and make sure the business regulations are up to date to support the exchange.
State strategic development agency, 1MDB told reporters the target tenants include multinational companies, financial institutions and hospitality agencies.
Did you find a mistake? Highlight it and click CTRL+ENTER