Domestic private investments can revitalise idle assets, says Johari

Johari Abdul Ghani, the Investment, Trade, and Industry Minister of Malaysia, has stated that domestic private investments can revitalize idle assets and bolster the local economic ecosystem. An illustration of this is the redevelopment of the Brisdale International Hotel, which was undertaken by a wholly locally owned company. The risks and responsibilities were carried solely by the investor.

Johari emphasized that investors must possess the courage and capability to meticulously evaluate risks before initiating a project. He added that entrepreneurs must be brave enough to take calculated risks, regardless of the investment field.

The redevelopment of existing buildings poses a greater challenge than constructing new structures on vacant land, as investors need to comprehend the structural condition and determine the necessary work. Johari also highlighted Zikay Group's role as a contractor, assisting in assessing costs and requirements for the building's redevelopment.

The opening of the hotel is significant for the community surrounding Jalan Raja Bot, as it fosters an economic ecosystem comprising diverse business activities. The hospitality sector is closely tied to the tourism industry, contributing around RM300 billion or 15% to the national economy and creating approximately 3.5 million jobs.

Jalan Raja Bot has the potential to transform into a distinctive heritage and business precinct while retaining its soul and authenticity due to its location and proximity to public transportation.