Jul 05, 2016

    Johor set to get $670m in investments from 3 Chinese firms


    JOHOR is likely to receive US$500 million (S$672.8 million) in investments from three big Chinese companies - one re-investment and two new commitments - this year.

    Johor Domestic Trade, Tourism and Consumerism Committee chairman Tee Siew Kiong said talks were ongoing between the state government and the three investors to set up operations in Johor.

    "We are confident of securing the investments based on the progress made during the discussions," he said during a week-long trip to Dongying in China recently.

    He said the figure included some US$100 million for the expansion of the second phase of Shandong's D&Y Textile and Garment Group.

    It has been operating at the Sedenak Industrial Park in Johor since last year.

    "The other two new investors involved core businesses of producing tyres and the other one in the green technology sector, which (has) yet to make its debut in Malaysia.

    Mr Tee said the tyre company had initially conducted a feasibility study of four countries - Indonesia, Thailand, the United States and Malaysia.

    "The chances of the tyre company investing in Johor are much higher compared with other countries or even other Malaysian states due to the state's strategic location and close proximity with Singapore," he added.

    Mr Tee said existing Chinese investors in the state had praised the the state authorities in helping with their efforts to conduct their businesses in Johor.

    "This has greatly boosted the state's image among Chinese investors and companies that are actively looking to relocate and expand their operations outside China," he said.

    He added that the state government would continue to strive to provide the services to keep investments growing.