Published: Friday August 3, 2012 MYT 2:14:00 PM
Tun Razak Exchange a 'game changer', says Nor Mohamed
KUALA LUMPUR: The Tun Razak Exchange (TRX) is a "game changer" that will provide a new economic structure to Malaysia's economic landscape in the eyes of the world, says Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop.
The exchange, Kuala Lumpur's new financial district, launched by Prime Minister Datuk Seri Najib Tun Razak on Monday, can also be regarded as an "iconic project" that would generate investments from within and foreign.
"The ambitious project will help realise our cherished vision to emerge as a developed nation in 2020.
"An advanced nation must have a service sector that is not only hi-tech, but also offer services with a high added-value," he told Bernama after breaking fast with the Malaysian National News Agency's staff at Wisma Bernama on Thursday night.
The 28-hectare Tun Razak Exchange, previously known as the "Kuala Lumpur International Financial District, will be developed by 1Malaysia Development Bhd in collaboration with Abu Dhabi-based Mubadala Development Corp.
The exchange is one of the initial projects under the government's Economic Transformation Plan, a national programme to double the nation's annual revenue and propel the country to become a high-income economy.
The exchange also has the "magnetic effect" to attract experts from within and outside Malaysia to work and play their role in their respective fields, including investors who will establish offices and offer new job opportunities.
Nor Mohamed, who heads a special task force to oversee the exchange's development, is determined to ensure that the project was a viable venture.
He said the task force's first meeting would be held in end-August.
"Our task is primarily to coordinate and work with the parties engaged in the project and not to apply pressure on policies," he said. - Bernama