Terengganu welcomes Chinese investors to set up shop

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KUALA TERENGGANU  –  More China-based firms will invest in Terengganu in the next five years, says Menteri Besar Datuk Seri Ahmad Said.

Ahmad said investment from China has been on the rise in the last two years, including in property, health, tourism and textiles. The latest show of interest is from a Guangzhou-based firm which wants to invest an estimated RM1 billion in a specialist hospital, a luxury residential development as well as an 18-hole golf course, he said.

“The memorandum of understanding is expected to be signed in January,” he told reporters after receiving a delegation of 40 investors from the republic.

Also present was state industry, trade and environment committee chairman Datuk Toh Chin Yaw.

Ahmad said for investment in a steel mill, the state government has made it a condition that the investment value should be at least RM1 billion with locals given priority for jobs.

He said the state is evaluating an application by firms from India, Abu Dhabi, South Korea and China to invest in the steel sector in Telok Kalong, Kemaman.

“China now has a lot of money compared to the US and Europe which are facing financial problems due to their economic slowdown. That’s why China wants to expand its overseas investments, and Terengganu is one of their investment choices,” he said.

The state is also receiving more Chinese tourists, and will work to attract more next year in conjunction with Visit Terengganu Year, he said.

“We are informed that the China national tourism association has about 10 million members and its own television station.

“If we can attract just one per cent of the 10 million members, it would be enough to promote the state and grow our tourism revenue,” he added.  –  Bernama