Azman Mokhtar, managing director of state investment arm Khazanah Nasional Berhad, said Malaysia has secured RM33 billion (S$14.1 billion) in investment commitments for the project in Johor.

This is 70 per cent of the RM47 billion in investments targetted for the Iskandar Malaysia project by 2010, Mr Azman said.

The entire project, covering an area three times the size of Singapore, is due for completion by 2025.

'In short, we are well on track,' Mr Azman told reporters here, adding that 'we have actually achieved about 70 per cent' of the target.

Johor chief minister Abdul Ghani Othman said the turmoil in global financial markets has not affected interest in the development.

Both officials were in Singapore for a roadshow to drum up investor interest in the Iskandar project.

'Iskandar has been an attractive destination for foreign direct investments in manufacturing,' Mr Abdul Ghani said. He added that the investors included companies from the Middle East.

The latest contributor is a Spanish company which is putting RM5 billion into a stainless steel factory, he said.

Mr Azman said major US theme park operators, except for Universal Studios, have expressed interest to invest in Johor. Universal Studios is already involved in building a theme park within an integrated casino resort in Singapore.

Those which have expressed interest are all 'branded' US theme park firms, Mr Azman said. He declined to name them. He also did not want to disclose the investment size or when Malaysia will announce the selection of an investor.

Prime Minister Abdullah Ahmad Badawi has referred to the Johor development as Malaysia's most important and ambitious initiative. -- AFP