Chinese Investors To Invest US$1.09 Billion To Set Up Renewable Energy & Advanced Chemical Factory

From Nurul Hanis Izmir NANNING (China), Sept 14 (Bernama) -- The Malaysia's East Coast Economic Region Development Council (ECERDC) has secured potential investments of US$1.09 billion (RM4.50 billion) from China for the construction of renewable energy and advanced chemical factory in Malaysia-China Kuantan Industrial Park (MCKIP). Its Chief Executive Officer, Jebasingam Issace John, said construction of the factory will commence early next year and was slated for completion early 2018. "The council and the Chinese company are working out the details and will unveil more details soon," he told reporters at the China-ASEAN Expo 2016 (CAEXPO) here Wednesday. He said the East Coast Economic Region's (ECER) trade with China continued to grow despite the challenging business environment. "The council is firm in its commitment to attract more investments from China as well as forge stronger partnerships with its government agencies and private players, he said. ECERDC participates in CAEXPO, from Sept 11-14, to build on the success of its previous participation that resulted in key investment opportunities and strengthened ECER's reputation in global markets. Meanwhile, ECER and Softa Marketing Sdn Bhd from Malaysia's east coast state of Terengganu on Wednesday signed a memorandum of understanding with China's Shanghai C-HK International Logistic Inc to export fish-based halal food products worth over US$1.2 million (RM5 million) to the country over the next three years. Under the MOU, Softa Marketing will supply its internationally-certified range of food products such as keropok lekor (fish cracker), prawn and squid crackers to Shanghai C-HK International Logistics, who will act as strategic partner to distribute, promote and market the products in China. Another company, Mitra Food Industries Sdn Bhd, renewed its yearly contract worth US$727,233 (RM3 million) with Zhuolun (Nanning Guangxi) Co Ltd to supply its hit products -- Musang King White Coffee and Brazilian Cappuccino. Jebasingam said the MOU exchange and order secured were truly a significant achievements. "These business newcomers have unlocked access to China's booming market by penetrating Nanning. This year, we brought 20 companies and we will increase the number to 30 next year," he said. This year, ECERDC recorded about US$36,362 (RM150,000) in immediate sales and potential exports worth over US$3.87 million (RM16 million). --BERNAMA