The East Coast Economic Region Development Council (ECERDC) and Terengganu state government, in collaboration with MIDA (Malaysian Investment Development Authority) have set their eyes to secure potential investments estimated at RM5 billion from South Korea.
“These investments are expected from South Korea’s leading firms in petrochemicals, specialty chemicals and advanced materials, with the potential for new manufacturing plants being constructed in Terengganu,” according to the released statement by ECERDC.
Terengganu State Committee for Trade, Industry, Regional Development and Administration Wellbeing chairman Tengku Datuk Hassan Tengku Omar and ECERDC chief executive officer Datuk Baidzawi Che Mat were in South Korea from June 25 to July 2, leading an investment mission to promote ECER as the preferred investment destination for potential South Korean investors.
This mission was a continuation of ECERDC’s ongoing engagements with these targeted investors for the past two years and the council is confident that these companies will invest in ECER, specifically in Terengganu, according to Baidzawi.
“Our delegation, which included our strategic partners, seek to provide confidence to our potential investors that we are able to facilitate their entry in a concerted manner and fulfil their requirements,” he added.
The delegates also had business development meetings with other potential sub-sectors involved in biotechnology, renewable energy, and information and communications technology services while in South Korea, he was quoted as saying.
“This mission is expected to strengthen networking and create more investment leads from South Korean companies into ECER, and ECERDC appreciates the support provided to this investment mission by MIDA Seoul,” he stressed.
Meanwhile, Tengku Hassan said ECERDC’s Kerteh Biopolymer Park is now home to CJ Bio Malaysia, which involves an investment of more than RM2 billion from South Korean conglomerate CJ Cheiljedang, and the Terengganu state government is committed to working closely together with ECERDC to create more awareness of the state’s offerings for South Korean investors.
To recap, trade between South Korea and Malaysia amounted to RM79.78 billion in 2020.