Five companies to invest US$396m for China-M'sia project

Nanning (The Star/ANN) - Five companies which are among the first batch of investors in the China-Malaysia Qinzhou Industrial Park have expressed their intention to start with a total investment of 2.5 billion yuan (US$396 million).

Malaysia's Deputy Prime Minister Muhyiddin Yassin said he gathered this from a briefing by representatives and officials from the industrial park and Qinzhou city government yesterday.

"I was informed that the companies would increase their investments up to 10 billion yuan in future. This will be a good start to the project...They also told me that they received good support from both the Chinese central and provincial governments in terms of logistics and incentives, which will make the industrial park even more attractive," he said during his official visit to China yesterday.

The industrial park with a total area of 55 square kilometres in China's Guangxi Zhuang autonomous region will be developed by Qinzhou Development (Malaysia) Consortium Sdn Bhd and Qinzhou Jingu Investment Co Ltd under a 49 per cent to 51 per cent share arrangement.

The Malaysian consortium is led by Rimbunan Hijau Group and SP Setia Group.

The park is the first government-to-government initiative between China and Malaysia. It is the third such industrial park project that China has entered with a foreign country after the China-Singapore Suzhou Industrial Park and China-Singapore Tianjin Eco-City.

Besides this industrial park, the Malaysia-China Kuantan Industrial Park (KIP) will be developed as a sister industrial park to enhance bilateral trade relations and investments.

Muhyiddin said both the Federal and Pahang governments would speed up the signing of the memorandum of the joint-venture between the stakeholders in the KIP for its launch by the middle of December.

*US$1=6.31 yuan

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Lenten procession more than just a spectacle VERA Files - The Inbox

    Text and photos by Kiersnerr Gerwin Tacadena, VERA Files Baliuag, Bulacan--This town is hosting what could be the country’s biggest Lenten procession consisting of more than 100 religious statues riding on carriages or carrozas. But concerns are being raised that … Continue reading → …

  • Holy Week in Mt Banahaw: Mysticism meets Catholicism VERA Files - The Inbox

    Text and photos by Patricia Isabel Gloria, VERA Files Dolores, Quezon—Around this time each year, hundreds of devotees flock to Barangay Sta. Lucia in Dolores, Quezon on the slopes of Mount Banahaw to celebrate Holy Week. Here, mysticism meets Catholicism, … Continue reading → …

  • Simbang lakad for Lolo Uweng VERA Files - The Inbox
    Simbang lakad for Lolo Uweng

    By April Anne Benjamin, VERA Files San Pedro, Laguna--For 14 Maundy Thursdays now, Inding Amoranto has prayed the rosary while walking the eight-kilometer distance from her house to the Shrine of Jesus in the Holy Sepulcher in the village of … Continue reading → …

Poll Choice Options