Investment mission to pursue potential investors in petrochemicals, specialty chemicals and advanced materials sectors into ECER.

SEOUL, SOUTH KOREA, 5 JULY 2022: The East Coast Economic Region Development Council (ECERDC) and the State Government of Terengganu in collaboration with Malaysian Investment Development Authority (MIDA) are intensifying efforts to secure potential investments estimated at RM5.0 billion from South Korea’s leading firms in petrochemicals, specialty chemicals and advanced materials; with potential for the construction of new manufacturing plants in Terengganu.

YBM Dato’ Tengku Hassan Bin Tengku Omar, Chairman of the Terengganu State Committee for Trade, Industry, Regional Development and Administration Wellbeing and Chief Executive Officer (CEO) of ECERDC, YBhg. Dato’ Baidzawi Bin Che Mat who were in South Korea from 25th June to 2nd July 2022 to lead this investment mission in promoting the East Coast Economic Region (ECER) as the preferred investment destination for potential Korean investors. This mission is also participated by Perbadanan Memajukan Iktisad Negeri Terengganu (PMINT) and PETRONAS. The delegation was hosted by En. Reduan Zabri, Director of MIDA Seoul.

“This mission is continuity to our ongoing engagements with these targeted investors for the past two years and ECERDC is confident that these companies will invest in ECER, specifically in the state of Terengganu. Our delegation, comprising of our strategic partners are here to provide confidence to our potential investors that we are able to facilitate their entry in a concerted manner and fulfil their requirements,” said YBhg. Dato’ Baidzawi Bin Che Mat.

“ECERDC’s Kerteh Biopolymer Park is now home to CJ Bio Malaysia, a more than RM2 billion investment from Korea’s conglomerate, CJ Cheiljedang, and the Terengganu state government is committed to work closely together with ECERDC to create more awareness of Terengganu’s offerings for Korean investors,” said YBM. Dato’ Tengku Hassan.

While in South Korea, the delegates also had business development meetings with other potential sub-sectors interested in biotechnology, renewable energy and ICT services. South Korea is one of Malaysia’s largest trading partners with trade between both countries totalling RM79.78 billion in the year 2020.

This mission is expected to strengthen networking and create more investment leads from Korean companies into ECER and ECERDC appreciates the support provided to this investment mission by MIDA Seoul, added Dato’ Baidzawi.