NCIA Sees More Reinvestment From Japan In Agriculture And Manufacturing Sectors

From Nurul Jannah Kamaruddin NAGOYA, April 23 (Bernama) -- The Northern Corridor Implementation Authority (NCIA) sees more reinvestments coming in from Japan into the Northern Corridor Economic Region (NCER), especially in the agriculture and manufacturing sectors. Chief Executive Redza Rafiq said last year alone, the Corridor secured investments of RM235 million for both sectors. Having contributed the largest amount to Malaysia’s foreign direct investments (FDI) last year, the NCER is set to ride on its 40 year experience, mainly in the manufacturing sector. "The Japanese are more aware of the NCER now. More than 45 per cent of Malaysian manufactured export goods were produced within the Corridor. Penang Airport alone, carried twice the value of goods, when compared to the KLIA," Redza said. Speaking to the Malaysian media during a visit to the Science Net Co Ltd headquarters in Nagoya, he said the Japanese are aggressively seeking alternative markets, and Malaysia is among major Asian countries on their map. This, he added, follows the rise in the yen and also the cost of doing business in the country. Science Net is a parent company of UsefulPerson Co Ltd, currently providing light-emitting diode technology to be produced by local company, Global Outreach Energy Sdn Bhd on mainland Penang. Global Outreach Energy Director, Lim Teik Hoe said before this, the LED was produced in China and the company was now focusing on the Penang plant for the export market. Thus, it will invest another RM107 million, to expand the Penang facility to between 20,000-30,000 square feet, from the current 8,000. Science Net President Takashi Fukai, said the LED produced in Penang will soon be exported to the Philippines, followed by Thailand and India. In other development, Redza said the NCIA was also in discussions with a Japanese company involved in the cultivation of high value crops, rock melon, chilli and Japanese pumpkin in Kuala Kura, Kedah and Ara Kuda (Penang) to expand its operations. "Until now, the company has invested RM35 million and is looking at further investments," he added. Using the latest technology from France and Japan’s know how, the green house cultivation of rock melon, chilli and Japanese pumpkin can generate RM5,000 in potential income for locals involved in the project. (US$1=RM3.06) --BERNAMA