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Terengganu records RM2.3 bln investments from 2017-June 2022 – MIDA

Terengganu records RM2.3 bln investments from 2017-June 2022 – MIDA

25 Aug 2022

Terengganu has recorded a total investment of RM2.3 billion with 29 manufacturing projects approved from 2017 to June 2022, said Malaysian Investment Development Authority (MIDA) deputy chief executive officer, investment promotion and facilitation, Sivasuriyamoorthy Sundara Raja. 

In his welcoming speech, he said more than half of these investments were from foreign sources, recording a total of RM1.27 billion. 

“These projects have been instrumental in creating over 1,727 job opportunities, mainly in the fields of petroleum products (including petrochemicals), chemicals and chemical products, non-metallic mineral products, wood and wood products, as well as machinery and equipment.

“Additionally, from January to March 2022, investments worth RM7.2 million were approved, in the food manufacturing and wood and wood products industries,” he said at the MIDA Invest Series: Unfolding States Business Potential – A Briefing by Invest Terengganu here today. 

Sivasuriyamoorthy said MIDA was pleased to see notable companies leveraging Terengganu’s well-established infrastructure and network of experienced support services.

He said among the companies are JXR Manufacturing Sdn Bhd, CJ Bio Malaysia Sdn Bhd, Kemaman Bitumen Company Sdn Bhd, Arkema Thiochemicals Sdn Bhd, Encompass Industries Sdn Bhd and Eastern Steel Sdn Bhd.

“These companies hold much promise for further collaborations and opportunities for our local businesses.

“MIDA will continue to work closely with companies and businesses to provide a more conducive business environment to increase growth opportunities,” he added. 

Meanwhile, Terengganu state committee chairman for trade, industry, regional development and administration wellbeing Datuk Tengku Hassan Tengku Omar said Terengganu has been making great strides forward recently with the Kerteh Biopolymer Park, a bio-economy hub for specialty chemicals that spans over 140 hectares with both Phase 1 and Phase 2 fully taken up.

He said the third phase of the park opened last year to accommodate growing demand from investors. 

“To date, the total accumulated investment in Kerteh Biopolymer Park has increased to RM5.6 billion, with more than 5,000 employment opportunities created for the people of Terengganu.

“Terengganu has committed to improve economic growth by adding more industrial parks from the current 25 industrial areas covering a total of 4,158.26 hectares inclusive of Kerteh Terengganu Industrial Park, Pulau Kerengga Industrial Park and Terengganu Silica Valley,” he said. 

Tengku Hassan said this is another step towards making sure that there are good prospects not only now but in the future in Terengganu.

Source: Bernama

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