NUSAJAYA, MALAYSIA - Foreign investment in Iskandar Malaysia is not slowing down despite the global economic crunch and the unpredictable market conditions, Prime Minister Datuk Seri Abdullah Ahmad Badawi said yesterday.

More investors were coming to the growth corridor and the investment had exceeded RM40 billion, he said.

"The global economic climate may be worrying and sometimes unstable and unpredictable,"Abdullah said after witnessing the signing of an agreement between Iskandar Investment and Merlin Entertainments to build East Asia's first Legoland Park in Iskandar Malaysia.

Legoland Park is a theme park for children. .

"However, Iskandar Malaysia remains an attractive development zone among foreign investors.
"The Federal and Johor governments are committed to ensuring that all projects in this growth corridor are carried out speedily and that all money allocated for Iskandar Malaysia under the Ninth Malaysia Plan are well spent.

"Foreigners are convinced about the viability of this futuristic growth corridor and this is manifested through their big investment in Iskandar Malaysia."

Abdullah said efforts were under way to get other theme park players to come to Iskandar Malay-sia.

Present at the Lego signing were Johor Menteri Besar Datuk Abdul Ghani Othman, Iskandar Investment chairman Tan Sri Azman Mokhtar and managing director Arlida Ariff, and Legoland Parks managing director John Jakobsen.

The RM750 million joint venture will be located on 920ha in the northeastern corner of Medini Iskandar Malaysia. It is expected to open in 2013.

Merlin Entertainments, which will own 20 per cent of the stake, will design and operate the park while a consortium led by IIB will own the balance.

Abdullah said Iskandar Ma-laysia's speed of development was superb, adding that 86 per cent of its investment target of RM47 billion had been achieved.

"Iskandar Malaysia is well ahead of other growth corridors in the country.

"However, other growth corridors are not neglected. We also hope locals will come in."

Azman said Legoland would create 5,000 jobs for locals.

The park will incorporate East Asian and Johor elements in its design.