The Federal Land Development Authority (Felda) will establish a new business arm, Felda Investment Corporation, in the near future to generate new income streams for its more than two million settlers.

Felda general manager Faizoull Ahmad said the new company would enable the settlers to market their innovative products which could be commercialised at the international level.

Among the innovative projects that will be launched, involving an allocation of RM45 million, are Tilapia fish farming, settler house homestay, metal craft, and also integrated agriculture and bungalow houses for Felda new generation under the ‘Sentuhan Kasih’ project.

Speaking to the media in Kuala Lumpur today, Faizoull said these new projects undertaken by Felda would transform the authority into an economic powerhouse and contribute to Malaysia’s economy by 2020.

He said currently, the four sources of income for the settlers were from oil palm industry, Koperasi Permodalan Felda 1, Koperasi Permodalan Felda 2 and Felda Global Ventures Holdings Bhd.

The new projects are exhibited at the Inovex Showcase organised by Felda from today until July 26, 2013.

Also present at the launch of the showcase was Deputy Science, Technology and Innovation Minister Abu Bakar Mohamad Diah.

“Felda has many creative products that need to be highlighted and given added value, and with the presence of two million settlers, I am confident that more products can be commercialised to overseas market,” Abu Bakar said.

He said Malaysia has a creative rakyat and mainly from among the Felda settlers, and they must be wise in looking for opportunities as well as adopt creative and innovative thinking to produce a product that can be marketed, not just created.

“The government has targeted to produce 360 products for commercialisation at the international level by 2020, and 10 to 20 of those products must come from the Felda settlers,” he said.

Abu Bakar said his ministry also provided three big grants of between RM500,000 and RM3 million for products that are qualified for commercialisation.

- Bernama