Mahathir unveils SG4 joint venture to drive economic growth in four PN-led states
Published on: Monday, September 02, 2024
By:
Anis Zalani, Malay Mail
Mahathir speaks to Advisor Panel Tan Sri Abdul Hadi Awang while having a group photo during the SG4 Summit. — Pic by Sayuti Zainudin | Malay Mail
BANGI: State Government 4 (SG4) chief panel adviser Tun Dr Mahathir Mohamad today announced the creation of a new jointly-owned company called SG4 Group Sdn Bhd, in which each of the four PN-led states Kelantan, Terengganu, Kedah, and Perlis will hold a 25 per cent stake.
He explained that this initiative aims to ensure that the economic benefits are distributed fairly, with a particular focus on these economically disadvantaged states.
ADVERTISEMENT
-Advertisement-
“We aim to clarify the cooperation between the four states and the potential establishment of a jointly-owned company, with each state holding a 25 per cent stake.
“The goal is to ensure that the benefits are distributed fairly, including to states that are lagging behind,” he told reporters during a press conference at SG4 Summit here today.
He said there have been concerns that the formation of SG4 may diverge from the government's objectives.
ADVERTISEMENT
However, he emphasised that the primary focus remains on advancing the underdeveloped states which also aims to attract foreign investment by drawing on successful models from other countries.
“There is concern that the formation of SG4 might take a different direction from the government’s, but our focus is on advancing the four states that have not received the same level of wealth as others.
ADVERTISEMENT
“We also intend to attract foreign investment and seek examples from other countries,” he added.
Dr Mahathir also said that the investment is already beginning to flow, with hopes of fair wealth distribution and attracting both domestic and international investors.
However, he said the details of these sectors will be discussed later.
The former prime minister also said the company will focus on five key sectors including economy and industry, green technology, infrastructure and logistics, trade and investment, and agriculture and food security, as well as education and human capital.
Dr Mahathir said each participating state will appoint its board of directors to oversee the company’s operations.
Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
