PM: First of RM170 billion worth of projects from China to start in May


PUTRAJAYA: 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 did not reveal which project this would be but described the development as “good news”.

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.

On Tuesday, Anwar had said that two projects involving Zhejiang Geely Holding Group Co and Rongsheng Petrochemical Co Ltd were to be launched soon.

While Geely had already committed a total RM2 billion investment, future investments are expected to go up to RM32 billion. Rongsheng, meanwhile, will invest up to RM80 billion for a refining facility in Pengerang.

On another matter, Anwar has asked state and local governments to facilitate and expedite processes related to investments from China.

He said he would also chair a special meeting to ensure effective follow-ups pertaining to the projects.

He said further discussions would be held with the state governments where the mega projects would be implemented.

“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 as at the point, we must drive more investments in full speed,” he told reporters after chairing the cabinet meeting.

Source: New Straits Times


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