ID :
375641
Wed, 07/29/2015 - 13:06
Auther :

Huchems' Investment A Positive Sign For Other Investors - MIDA Ceo

BINTULU (Sarawak, Malaysia), July 29 (Bernama) -- The groundbreaking ceremony of Huchems Fine Chemical (M) Sdn Bhd's US$1 billion complex in Tanjung Kidurong, a port town here will send positive signals to foreign companies considering Malaysia as their investment destination, said Malaysian Investment Development Authority (MIDA) Chief Executive Officer Azman Mahmud. "We hope this investment by HuChems will become a catalyst for other foreign investors in their decision making and see Malaysia as a good investment destination," he said. Azman spoke to reporters after the groundbreaking ceremony of the chemical complex officiated by Sarawak Chief Minister Adenan Satem. To a question, he said MIDA was still negotiating some US$5.24 billion (RM20 billion) worth of investments with several companies from South Korea, Japan and Europe, and it was expected to get most of it towards year-end. (US$1 = RM3.81) He said the fluctuation of ringgit currently will have little impact on investment decision as many investors were looking at the long run. On Huchems chemical complex, the selection and swift implementation of the project was a testament to the continued attractiveness of Malaysia, especially for those multinational companies that want to have a strong presence in the emerging chemical and petrochemical ecosystem in this region. Azman said the complex would be completed by 2019 and provide about 400 new direct employment opportunities in highly skilled jobs. "It will create 174 jobs for engineers and 24 for scientists," he said. The complex is targeted to produce up to 600,000 tonnes of ammonia, 400,000 tonnes of nitric acid and 200,000 tonnes ammonium nitrate per annum. Meanwhile, Park Yen Cha, Chairman of South Korea's Taekwang Group, the parent company of Huchems Fine Chemical, said MIDA and east Malaysia's Sarawak state government's good policies that are friendly for business environment had attracted the company to set up the plant. The availability of raw materials in Tanjung Kidurong is also a major factor taken into consideration in the company's investment decision. -- BERNAMA

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