MALAYSIAN MINISTER: CHINA INVESTMENTS WILL NOT AFFECT OUR EMPLOYMENT OPPORTUNITIES

KUALA LUMPUR – Malaysians’ employment opportunities will not be affected with the increased investments from China.

Stating this, Deputy International Trade and Industry Minister Datuk Chua Tee Yong said that is the criteria set for foreign investors who wants to invest in Malaysia.

“One of the most important criteria is the employment opportunity for Malaysians, to ensure our interests are taken care of,” he told the Dewan Rakyat today.

Chua was responding to a supplementary question by Opposition leader Datuk Seri Dr Wan Azizah Wan Ismail (PKR-Permatang Pauh), who asked the government to clarify reports on heavy influx of migrant workers in view of the growing investments from China.

He cited the Malaysia-China Kuantan Industrial Park (MCKIP) Sdn Bhd project, which has given more than 50% of available job opportunities to Malaysians.

Chua said the government has approved a total of RM4.8 billion worth of investments from China in the manufacturing sector last year, recording the largest amount of investment from China to-date.

He added that this involves 33 projects and is expected to create 10,147 job opportunities.

From the total investment, Chua said electrical and electronic sector registered the highest foreign direct investment (FDI) from China, worth RM1.8 billion.

He said the realised investments from China accumulated up to 2015 was worth RM6 billion in the manufacturing sector.

Chua said this investment involves 191 projects and created 20,587 employment opportunities.

Wan Azizah had also asked the government to state the latest statistics on the number of investment companies from China as well as equity and land ownership in projects such as Forest City Iskandar Johor, Malacca Gateway, Bandar Malaysia, East Coast Rail Line and the Malaysia-China Kuantan Industrial Park.

Chua said there are only 24% stake owned by Chinese firms in the Bandar Malaysia project in terms of structured equity.

The China Railway Engineering Corp (CREC), he said, will hold 24% in the integrated project and will be monitored by the Finance Ministry.

Chua said a joint consortium between CREC and Iskandar Waterfront Holdings (IWH) known as IWH-CREC Sdn Bhd, which has been appointed as the developer, will own 60%, while Finance Ministry will own the remaining 40%.

He said the Malacca Gateway, which involves a mix development focusing on tourism, commercial, port and maritime activities, has a gross development value (GDV) of RM64billion.

It is expected to attract 2.5 million tourists a year to Malacca and open about 45,000 job opportunities.

Chua said Bandar Malaysia, which will be developed within 30 years, is expected to reach RM200billion GDV.

– Sundaily

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