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Mustapa hopes to see Chinese companies invest in East Coast

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SERI KEMBANGAN (Sept 10, 2011): China-based Wenzhou Foreign Trade and Economic Cooperation Bureau will invest RM900 million to establish an integrated industrial park comprising logistics and warehousing facilities in the East Coast Economic Region (ECER)'s Special Zone in Kuantan, Pahang.

Through the investment, Wenzhou will have its first trading complex in the ECER, which will be located in the integrated industrial park to boost bilateral trade.

Construction of the integrated industrial park is scheduled to take off June next year and be completed in 18 months thereafter.

Wenzhou Foreign Trade and Economic Cooperation Bureau and the East Coast Economic Region Development Council (ECERDC) today exchanged documents to formalise the planned investment in the special zone witnessed by International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

Mustapa said both parties would also collaborate to identify new areas of economic collaboration and stimulate investments.

"I hope this investment will prompt other companies from China to invest in Kuantan and other parts of the East Coast," he said after witnessing the exchange of documents between the two parties here today.

The event was part of the two-day Malaysia-China Trade and Investment International Conference 2011 which started today.

Launched by Mustapa, the conference was attended by more than 1,000 delegates from China, Dubai, Sri Lanka, Iran and Japan. More than 400 delegates are from China.

Mustapa advised Chinese companies keen to undertake projects in Malaysia to use the services of the Malaysian Industrial Development Authority (MIDA) and the Malaysia External Trade Development Corporation (MATRADE).

Mustapa, who is scheduled to meet his Chinese counterpart next month, said he would discuss the planned 55 sq kilometer industrial park to be constructed in Wenzhou as a joint-venture project between Malaysian and Chinese companies.

"The first phase of the project is expected to be completed in 2015. The proposal for the project has not been submitted," he added.

Wenzhou, dubbed the "light industry capital of China", produces 60% of China's shoes and has a strong presence in apparel manufacturing.

It is also a major manufacturing centre for electrical appliances, electronic items and light machinery.

Wenzhou has established commercial centers in Brazil, Holland, United Arab Emirates, the United States and Germany.

In Malaysia, its trade centre is located in Ipoh, Perak, while its trade centre in Senai, Johor, is currently under construction.

Earlier, at the launch of the conference, Mustapa said that MITI, which has been focusing on Beijing and Shanghai, was expanding its range of business contacts in China to provinces such as Wenzhou, Yunnan and Guangxi.

"We will also work with the Hainanese, Hakka, Teochew, Fuchow and Guangxi clan associations to help us connect with their counterparts in China," he added.

Source: Bernama

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