Islamic Finance

Malaysia: Perlis MBI in talks with ten potential investos to invest in CVIA

| 12 January, 2018


Perlis' Menteri Besar Incorporated (MBI) is still in discussions with ten potential investors to invest in the Chuping Valley Industrial Area (CVIA) project, which is slated for completion in 2025 and will be the state’s main industrial site.

Its Chief Executive Officer, Zulkafli Ahmad, said the state expected some of them to confirm their interests this year, and hoped that with the infrastructure ready by 2020 more investors and industries would come to the valley.

"We see serious interests among the potential investors to come to CVIA, which will be main anchor of the clusters we had in the valley," he told reporters on the sidelines of the special briefing session on investment opportunities by states in Malaysia, organised by Malaysian Investment Development Authority (MIDA) here today.

CVIA, spread over 1,214.05 hectares (ha), comprises Perlis Inland Port, a 202.34ha logistics hub, and a 1,011.71ha industrial area that focuses on three clusters – renewable energy generation, green manufacturing and the halal industry.

Zulkafli said the Perlis Inland Port, an integrated port using railways as mode of transportation, was expected to handle about one million twenty-foot equivalent units per year.

He said CVIA has great potential as a main industrial area as it was located near the Thailand border, whereby it could leverage on easier access to the raw materials from Thailand and easiness of export for the manufactured goods using the inland port.

He said the project was expected to create about 12,500 jobs.

Meanwhile, MIDA's Executive Director Investment Promotion, Arham Abdul Rahman, in his speech said while some states had continuously topped the list of recipients for investments, others had yet to achieve their full potentials.

"In line with the government aspiration of promoting an inclusive economy, MIDA seeks to attract investments and create jobs for locals for all states in the country towards developing an equitable and sustainable economic growth in Malaysia," he said.

He said Perlis was a unique state and has much to offer its visitors for both business and leisure.

In terms of investment, he said, as at 2016, 48 manufacturing projects were implemented in Perlis with a total investment of RM1.03 billion with the majority from domestic sources, recording a total of RN664.5 million, or 65 per cent, while the rest were from foreign sources.

“These projects have created about 6,000 jobs, mainly in transport equipment, paper, printing and publishing, food manufacturing and plastic product with notable companies operating in the state among them, Negeri Sembilan Cement Industry Sdn Bhd, Shorubber (Malaysia) Sdn Bhd, Covidien Japan Inc and MSM Perlis Sdn Bhd,” he said.

He said for the period of January to September 2017, there were two manufacturing projects approved in Perlis with a total investments of RM525 million.

Copyright New Straits Times