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Malaysia-China Kuantan Industrial Park seals US$395m worth of deals

Hits:16072016-09-05 16:38:29  Source: 联合钢铁


KUALA LUMPUR: The three-year-old Malaysia-China Kuantan Industrial Park (MCKIP) on Tuesday (May 31) sealed US$395 million worth of investments.

New investors include Guangxi Investment Group Co Ltd, which will invest US$145 million in an aluminum component manufacturing facility and LJ Hightech Material, which will build a US$250 million high-tech production-based centre to produce concrete panel construction materials.

A memorandum of understanding signing ceremony was held in Kuala Lumpur witnessed by Malaysia Second Minister for International Trade and Industry Ong Ka Chuan and Zhang Xiaoqin, Vice Governor of China's Guangxi Zhuang Autonomous Region.

Construction for the projects are expected to begin in the first quarter of 2017; once completed, it is expected to create around 3,000 jobs for the local community.

This year marks the third year of the launch of MCKIP and fourth year of the establishment of the China-Malaysia Qinzhou Industrial Park.

The two industrial parks are a collaboration between Malaysia and China, between the cities of Kuantan and Qinzhou under a two countries, twin park initiative.

The state of Pahang has approved an additional 1,000 acres of land to expand the industrial park in Kuantan to 2400 acres. With the new ventures, the total investments attracted to stand at US$3.77 billion.

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