ECERDC eyes RM5b investments from South Korean firms
05 Jul 2022
The East Coast Economic Region (ECER) Development Council (ECERDC) and the Terengganu state government, in collaboration with the Malaysian Investment Development Authority (MIDA), aim to secure potential investments estimated at RM5 billion from South Korea.
In a statement, ECERDC said these investments are expected from South Korea’s leading firms in petrochemicals, specialty chemicals and advanced materials, with the potential for new manufacturing plants being constructed in Terengganu.
Terengganu State Committee for Trade, Industry, Regional Development and Administration Wellbeing chairman Tengku Datuk Hassan Tengku Omar and ECERDC chief executive officer Datuk Baidzawi Che Mat were in South Korea from June 25 to July 2, leading an investment mission to promote ECER as the preferred investment destination for potential South Korean investors.
Baidzawi said this mission was a continuation of ECERDC’s ongoing engagements with these targeted investors for the past two years and the council is confident that these companies will invest in ECER, specifically in Terengganu.
“Our delegation, which included our strategic partners, [sought] to provide confidence to our potential investors that we are able to facilitate their entry in a concerted manner and fulfil their requirements,” he said.
While in South Korea, Baidzawi said, the delegates also had business development meetings with other potential sub-sectors involved in biotechnology, renewable energy, and information and communications technology services.
“This mission is expected to strengthen networking and create more investment leads from South Korean companies into ECER, and ECERDC appreciates the support provided to this investment mission by MIDA Seoul,” he said.
Meanwhile, Tengku Hassan said ECERDC’s Kerteh Biopolymer Park is now home to CJ Bio Malaysia, which involves an investment of more than RM2 billion from South Korean conglomerate CJ Cheiljedang, and the Terengganu state government is committed to working closely together with ECERDC to create more awareness of the state’s offerings for South Korean investors.
South Korea is one of Malaysia’s largest trading partners, with trade between both countries totalling RM79.78 billion in 2020.