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The East Coast Economic Region (ECER) has received a RM900 million investment pledge from China-based Wenzhou Foreign Trade and Economic Cooperation Bureau to establish an integrated industrial park in Kuantan, Pahang.
The integrated industrial park comprises logistics and warehousing facilities at ECER's Special Economic Zone in the state. Through tihis investment, Wezhou will have its first trading complex in ECER which will beased in the integrated industrial park to bost bilateral trade.
In a statement recently, the East Coast Economic Region Development Council (ECERDC) chief executive Datul Jebasingam Isaac said Wenzhou's presence in the ECER will further boost trade as more ECER companies could tap into Wenzhou City's significant domestic market with a population of egiht million. In addition, both Wenzhou City and ECERDC will collaborate to identify new areas of economic collaboration and stimulate investments.
This investment is significant as it indicates confidence in Malaysia and further boosts trade ties between Malaysia and an economically-strong China. It also demonstrates the attractiveness of ECER as a key destination for investors from among the world's largest economies to ride on," he said. The RM900 million investment in ECER Special Zone was formalised recently with the exchage of documents between Wenzhou Foreign Trade and Economic Cooperation Bureau and ECERDC.
ECER is expected to surpass its annual investment target of RM5 billion by October. With the latest MoU (memorandum of understanding), ECER has attracted more than RM48 billion worth of investments since its launch in 2007. As one of China costal cities open to the outside world, Wenzhou has established commercial centres in Brazil, Holland, UAE, the US and Germany. In Malaysia, its trade centre is located in Ipoh, Perak, while its trade centre in Senai, Johor, is currently under construction.
Source: Malaysian Reserve (Corporate Malaysia)
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