MOUs for RM31b investments signed in China

May 14, 2017

Nine business agreements were signed here on Sunday between Malaysian and Chinese companies with proposed investments estimated at US$7.22 billion (about RM31.3 billion).

The memoranda of understanding (MoUs) are for various sectors particularly construction, agriculture, stock exchange, infrastructure and port and airport cooperation.

The signing ceremony for the various agreements was witnessed by Prime Minister Najib Razak.

Most of the projects will be carried out in Malaysia.

The highest investment is for the Strategic Alliance Agreement between Johor Corporation and Siasun Robot Investment Co. Ltd to develop 400 hectares of land for the Robotic Future City in Johor worth US$3.458 billion (RM15 billion).

The futuristic city aims to develop the robotic industry and at the same time spur the growth of various supply chains in Malaysia.

Another MoU is for the development of a methanol and derivatives complex in Tanjung Kidurong, Bintulu, Sarawak, costing US$2 billion (RM8.69 billion).

It was between Yayasan Hartanah Bumiputera Sarawak, Consortium of Huanqiu Contracting & Engineering Co, and MACFeam Sdn Bhd.

The project is estimated to be completed by 2021.

Another MoU is between KAJ Development and Power China, Shenzhen Yantian Port Group and Rizhao Port Group, to jointly develop Melaka Gateway as a mixed development comprising four islands for tourism, smart-city and commercial hub, deep sea port, shipbuilding and repair services and maritime industrial park.

The gross development value of Melaka Gateway is US$6.92 billion (RM30 billion) as of November 2016.

A cooperation agreement was also signed to promote and develop the Malaysian Innovation Cluster within the China-Malaysia Qinzhou Industrial Park.

Agrofresh International Sdn Bhd and Dashang Co.Ltd signed an exclusive agent agreement for the supply of Cavendish Banana and Tropical Fruits, worth US$1.53 billion (RM6.65 billion).

The investment for a mixed development , “The Shore” in Kota Kinabalu, Sabah is valued at US$132.58 million (RM575.93 million).

The Shanghai Stock Exchange will collaborate with Bursa Malaysia Bhd in exploring potential ways to improve market accessibility and products in both markets.

Also present were Sarawak Chief Minister Abang Johari Openg, Melaka Chief Minister Idris Haron and Prime Minister’s Special Envoy to China Ong Ka Ting.

Meanwhile, AirAsia Bhd signed an MoU with China Everbright Group and Henan Government Working Group to establish a low-cost carrier in China. –Bernama

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