Malaysia, China Sign MoU On Sister Port

From Niam Seet Wei NANNING (China), Sept 15 (Bernama) -- Malaysia and China signed a memorandum of understanding (MoU) on Monday to establish a sister port relationship between both countries. The agreement is aimed at extending the collaboration on ports in the sister parks -- Malaysia-China Kuantan Industrial Park (MCKIP) and Qinzhou Industrial Park (QIP) -- of both countries, said Deputy Minister of International Trade and Industry Lee Chee Leong. "This cooperation is economics-based, and the two parks could enhance bilateral trade between the two countries," he told Malaysian journalists after witnessing the MoU signing ceremony here Monday. The MoU was signed by general manager of Kuantan Port Consortium Sdn Bhd Selvarajah Nallapan on behalf of Malaysia, while Mayor of Qinzhou city Li Xinyuan signed the agreement for China. Earlier, Lee met his counterpart, Guangxi Zhuang Autonomous Region vice-chairman Zhang Xiaoqin. Lee said the sister port agreement aims to help the two countries achieve the targeted total bilateral trade of US$160 billion by 2017. He revealed that a new investor is expected to buy some equities in the joint venture company Kuantan Port Consortium Sdn Bhd, which is currently owned by IJM Corp Bhd and China's Guangxi Beibu Holding Gulf (Hong Kong). Currently, IJM Corp Bhd owns a 51 per cent stake with the rest owned by the Chinese company. IJM Corp Bhd is one of Malaysia's leading construction groups. Kuantan Port Consortium Sdn Bhd has allocated a total of US$1.08 billion (RM3.5 billion) to develop the port. Lee is scheduled to launch the Malaysian Pavilion and City of Charm to promote Langkawi island (in Malaysia's northern state of Kedah) at the 11th China-Asean Expo here Monday in which 126 Malaysian companies and 11 government agencies led by the Malaysia External Trade Development Corporation (Matrade) are taking part. --BERNAMA