China firm may invest RM1b in Terengganu

NANNING: A public-listed company from China has begun talks with the government to invest RM1 billion in Terengganu for an aquaculture development project.

Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir said discussions were on going and the potential investor has been to Malaysia to study the project.

However, he pointed out that it was still early to disclose the identity of the company.

At the same time, the Malaysian government would also need to ensure it secures the best deal through the development which may stretch up to five years.

A plot of land has been identified by state government for the development which will be coordinated by the East Coast Economic Region Development Council.

"We are not just looking into the investment or the employment opportunities it may bring. We also need to look into how we can benefit through the spin-offs that can be generated from the deal."

Mukhriz said this after attending the 9th China-Asean Expo at the Nanning International Convention and Exhibition Centre which was launched on Friday and ends tomorrow.

A total of 136 Malaysian traders are taking part in the expo at the Malaysia Pavilion, which is coordinated by the Malaysia External Trade Development Corporation.

Meanwhile, Mukhriz attended the China-Asean Advanced Manufacturing Forum where he called on East Asian countries to lend their support to an economic initiative that could transform the region into a single market covering more than 45 per cent of the global population.

He said the regional comprehensive economic partnership involving Asean, China, Japan, Australia, New Zealand, Indonesia and Korea for one deserves to be considered.

"As you are aware, discussions are now taking place to coordinate, rationalise and improve the principles and policies governing these agreements. It is an initiative that deserves our wholehearted support."

Also present at the forum held at the Guangxi People's Hall were the China vice Industry and Information Minister Su Bo and Guangxi Autonomous Region vice chairman Yang Daoxi.

The foundation for economic cooperation between countries in East Asia has been built up over the centuries and delivered development and prosperity as well as weathered difficult times, Mukhriz said.

"It has helped us weather the impact of the current economic crisis in the West, for example.

"However, this problem is not going to disappear any time soon. Europe is still unable to agree on a lasting and permanent solution to the problems of the euro. In the United States, the economy remains tepid," he said.

By Business Times