ECER Taps Into Chinese Investments

11/2/2010 — Bernama
The East Coast Economic Region Development Council (ECERDC) sees the second World Chinese Economic Forum as a good platform to promote the economic corridor as a globally competitive investment destination to Chinese entrepreneurs and diaspora.
Some 500 prominent business leaders from 20 countries are participating in the forum commencing here today, it said in a statement.
At a session on, “Charting a New Silk Road”, ECERDC Chief Executive Officer Datuk Jebasingam Issace John will be speaking about ECER as the investment gateway to the Far East and Asia Pacific Region, with a total population of four billion and a combined Gross Domestic Product (GDP) of US$17 trillion. (US$1=RM3.097)
The statement said ECERDC’s participation in the event follows its investment mission to Xiamen, China, in September whereby, it had signed a memorandum of understanding (MoU) with Xiamen Zhong Seng Oil and Grains Company Ltd to collaborate in the development of downstream palm oil production activities in ECER.
Another project involved a joint venture between TP Silicon Metal Sdn Bhd and Chongqing Magnetic Foreign Co Ltd, for manufacturing activities in the Kemaman Heavy Industrial Park in ECER. It was also approved in October.
ECERDC is also in discussions with several other potential investors from China that have expressed an interest in the region, Jebasingam said.
Bilateral trade between Malaysia and China crossed US$53 billion last year, with Malaysia becoming China’s largest trading partner among Asean countries.
Trade is expected to grow further between the two countries with the implementation of the China-ASEAN Free Trade Area in January.