PM: First of RM170 billion worth of projects from China to start in May
05 Apr 2023
The first project involving China’s RM170 billion worth of investments in Malaysia announced by Datuk Seri Anwar Ibrahim is expected to kick-off next month.
The prime minister said representatives of two giant Chinese companies were slated to arrive in Malaysia in May.
He said Zhejiang Geely Holding Group Co Ltd (Geely) and Rongsheng Petrochemical Co Ltd (RPCL) were expected to visit the country to follow-up on their investments here.
“Good news, the preliminary project will start in the near future; I expect the latest by May and it would have an impact on the MoUs (memoranda of understanding), which would see the implementation (of projects) to be expedited.
“Should the need arise, I would, along with (cabinet) members, hold discussions with the relevant state governments,” he told reporters after chairing the Cabinet meeting earlier.
Anwar, who is also finance minister, asked the state and local governments to facilitate and expedite processes related to investments from China.
He said he would chair a special meeting to ensure effective follow-ups pertaining to the projects.
“This is to ensure the processes are expedited without a problem to the investors.
“Of course, (the authorities) must ensure that the regulations are complied with fully, and all studies from the department would be concluded. But don’t take too long; given the situation, we must drive investments that are more dynamic.”
When asked about the locations of the projects, he said, Geely’s investments would be located in Pahang and Tanjung Malim, Perak; and RPCL in Terengganu and Pengerang, Johor.
The country is poised to receive a massive boost to its economy following China’s commitment to invest a record RM170 billion as a result of 19 memoranda of understanding between businesses in China and Malaysia.
Anwar was reported as saying they would be implemented this year or latest by next year.
Anwar’s announcement puts to rest doubts over how much investments from China would actually come in some quarters said the memoranda of understanding (MoUs) signed while he was on an official visit to the East Asian giant were non-binding.
Geely has already committed a total RM2 billion investment with Proton, future investments are expected to go up to RM32 billion. Rongsheng, meanwhile, will invest up to RM80 billion for a refining facility in Pengerang.