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

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