The Northern Corridor Economic Region (NCER) is exploring investment opportunities in the electric vehicle (EV) and automotive sectors as part of efforts to diversify investments beyond its electrical and electronics (E&E) and semiconductor base in Malaysia.

Northern Corridor Implementation Authority chief executive Datuk Mohamad Haris Kader Sultan said the authority had yet to determine the specific portion of its MYR 470 billion (US$ 116.2 billion) cumulative investment target by 2030 that could come from the automotive sector, but several potential investments were being assessed.

"Among them are high-technology vehicle projects in Kulim, Kedah, with potential investors in the EV sector undergoing due diligence," he said, adding that NCER was also working with the Malaysian Investment Development Authority and the Ministry of Investment, Trade and Industry to assess the potential investments.

Mohamad Haris said that, so far, two investors had been identified in the EV battery segment, while three were being considered in the automotive segment.

He also said the move came as E&E and semiconductor activities continued to account for most investments in NCER, particularly in Penang, where about 95% of investments are expected to be concentrated in the sector.

Earlier, Economy Minister Akmal Nasrullah Mohd Nasir launched the NCER 2026-2030 Strategic Development Plan here, which sets a cumulative investment target of MYR 470 billion by 2030, with 70% of the investment expected to come from sectors such as electrical and electronics, automotive, high-value tourism and modern agriculture.

The target is MYR 126.2 billion higher than the MYR 343.8 billion investment target under the previous NCER development plan.

Meanwhile, Mohamad Haris said the focus on E&E and semiconductors would not exclude opportunities in other sectors, with efforts also being made to expand investment beyond existing investment centres. In Kedah, he said Kulim Hi-Tech Park remained an area for investment, while Perlis has Chuping Valley, with semiconductor activities continuing to attract investment.

The diversification of investments is also intended to extend economic activity to less-developed areas across the four NCER states - Perlis, Kedah, Penang and Perak.

He said programmes and projects would be implemented in these areas to create employment opportunities, including by ensuring that areas developed with allocations from the Economy Ministry are occupied by approved investments.

"We are confident of realising our MYR 470 billion cumulative investment target by 2030, based on approved investments that are expected to be translated into actual projects within two to three years, or up to five years in some cases. The target is higher than the previous plan, but the projection was supported by investment trends, and our targets for 2020 and 2025 had been exceeded," he said, further adding that the investment target is also expected to contribute to NCER's goal of raising median household income to MYR 7,500 by 2030.

Mohamad Haris also said NCER's approach was not limited to increasing the number of jobs, but also focused on attracting industries with higher productivity and value-added activities. About 45% of the targeted jobs are expected to be high-skilled positions. To meet the demand for skilled workers, NCER is working with local universities, polytechnics, TVET institutions and industry players to identify the specific disciplines and skills required by investors.