JOHOR BAHARU: Iskandar Malaysia, the main southern development corridor in Johor, needs a strong domestic investor base to sustain growth momentum.

Iskandar Region Development Authority (IRDA) said Iskandar Malaysia would maintain almost an equal ratio between domestic and foreign investments, but a strong presence of domestic investors was needed as they are the ones that would stay.

"At the same time, the presence of foreign investors is also crucial in bringing the latest innovations and creativity which in turn will bring in new knowledge," said its chief executive Ismail Ibrahim.

Last year, 52 per cent of investments in Iskandar Malaysia were from local investors, while 48 per cent were foreign investments, he told reporters after a tour of Iskandar Malaysia.

The tour was organised by Danga Bay Sdn Bhd, the custodian of a privatisation contract awarded by the Johor State Government in early 2000 to develop 1,800 acres of waterfront land along Johor's Lido Beach.

Ismail said the presence of foreign investors would also create a climate of confidence which in turn would put Malaysia, especially Johor, on the investors' radar.

Among the foreign brands in Iskandar Malaysia are the renowned international film production company, Pinewood Shepperton plc, Chelsea premium outlets and Legoland theme park.

The Legoland theme park at Nusajaya in Iskandar Malaysia is likely to complete in the fourth quarter of next year with an expected one million visitors during the first year of operations.

The IRDA is the regulatory authority mandated to plan, promote and facilitate the development of Iskandar Malaysia into a strong and sustainable metropolis of international standing, where living, working, business and
leisure, converge seamlessly.

Ismail said Iskandar Malaysia aimed to attract investments worth RM73 billion from 2011 to 2015 as most companies, either local or overseas, are planning to relocate their business.

He said Iskandar Malaysia was expecting investors from China, South Korea, Japan, India, the Middle East, Europe and north America.

Iskandar Malaysia has attracted cumulative investments totalling RM72.48 billion up to the first quarter of this year since 2006.

Ismail said Iskandar Malaysia must prepare to reap the benefits from the increasing trade trend within Asean countries due to the Free Trade Agreements.

Iskandar Malaysia's gross domestic product (GDP) is expected to reach US$93 billion by 2025 from US$20 billion in 2005, and the population to increase to three million from 1.4 million.

Among the projects to be completed this year are the Johor Premium Outlet by year-end with a forecast of four million visitors in its first year of operations, Newcastle Medical University and also new housing projects launches.