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Malaysia-China Kuantan Industrial Park drew RM31b in investments, created over 14,000 jobs, says deputy Miti minister

Malaysia-China Kuantan Industrial Park drew RM31b in investments, created over 14,000 jobs, says deputy Miti minister

06 Nov 2023

The Malaysia-China Kuantan Industrial Park (MCKIP) has achieved a cumulative investment value of over RM31 billion across 21 projects, and is expected to create more than 14,000 job opportunities, according to Deputy Minister of Investment, Trade and Industry Liew Chin Tong.

Out of the RM31 billion invested in MCKIP, Liew revealed that RM14.6 billion has been realised to date. To cater to the increasing demand, the industrial area at MCKIP has been expanded by almost three times to 3,500 acres, from 1,200 acres.

“Now, MCKIP serves as the primary driver of economic growth in the East Coast Region of Malaysia and has generated employment opportunities for local residents,” he said in Dewan Rakyat on Monday, responding to a query raised by Machang Member of Parliament Wan Ahmad Fayhsal Wan Ahmad Kamal, who is from Perikatan Nasional.

Wan Ahmad Fayhsal asked about the government’s stance on Chinese investment in Malaysia, particularly through the Belt and Road Initiative (BRI), considering hidden risks, loan prospects, long-term implications such as environmental costs, potential “debt traps”, and risks to national sovereignty.

Liew said that Malaysia and China signed a memorandum of understanding (MOU) on May 13, 2017, to promote joint economic development in the Silk Road and the 21st Century Maritime Silk Road (BRI MOU), signifying Malaysia’s participation as one of the BRI member countries.

“The MOU reflects the commitment of both the Malaysian and Chinese governments to cooperate in the development and strengthening of the economy between the two countries, based on the principle of equality and mutual benefit,” he added.

Since the signing of the BRI MOU, Liew noted that the Malaysian and Chinese governments officially announced the MCKIP flagship project in Pahang in 2019, and the China-Malaysia Qinzhou Industrial Park (CMQIP) in Guangxi Province as BRI cooperation projects between the two nations.

Liew emphasised that the Ministry of Investment, Trade, and Industry (Miti), which is responsible for implementing and monitoring the BRI in Malaysia, is committed to identifying new opportunities under the BRI to enhance bilateral relations between Malaysia and China.

Additionally, Liew clarified that the MCKIP project is the only official collaboration under the BRI at present.

He pointed out that the National Investment Council (NIC) and the National Committee on Investment (NCI) have been established to lead and steer the strategic direction of the country’s investment ecosystem.

“These two committees play a crucial role in ensuring that only foreign investments of high value and aligned with the country’s investment direction will be approved,” Liew said.

Source: The Edge Malaysia