mangaForeign investment vital for SCORE

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As of the end of August, SCORE had managed to secure RM28.55 billion worth of investments from 14 projects.

Of these projects, six were exclusively foreign investments, three were joint ventures be­tween local and foreign interests while five were entirely domes­tic solo initiatives.

According to Inside Sarawak 2011 investment report, the six foreign projects were worth RM9.7 billion and were expected to create 3,950 job opportuni­ties while the joint ventures were valued at RM13.57 billion and likely to produce 2,600 new jobs.

All foreign investments were so far centred on the booming Samalaju Industrial Park and Tanjung Manis Halal Hub.

Activities in Samalaju Indus­trial Park included, Rio Tinto Alcan’s (Rio Tinto), one of the world’s biggest names in min­ing and also a subsidiary of Rio Tinto Aluminium setting up of a joint venture with CMS for a US$1 billion aluminium smelter with a capacity of 720,000 tonnes per year.

The Aluminium Corpora­tion of China and a Malaysian group led by tycoon Tan Sri Syed Mokhtar Al-Bukhary and UAE business leader Mohammed Ali Rasheed Alabbar were building a US$1.6 billion smelt­er with production capacity of 370,000 tonnes a year.

Apart from that, two manga­nese smelters would also be established in the Samalaju Industrial Park.

Asia Mineral was keen to build a RM3 billion factory while CMS was teaming up with OM Hold­ings for a manganese and ferro silicon alloy plant.

Tokuyama Corp, on the other hand, was spending more than RM6 billion for two polycrystal­line silicon factories with an eventual annual capacity of 20,000 tonnes.

The first international com­pany to invest in Tanjung Manis Halal Hub was Taiwan-based Sea Party International, together with its subsidiaries, the com­pany had pledged RM2 billion in phases.

The first phase involved spend­ing RM318 million for aquacul­ture activities such as tilapia breeding, chlorella cultivation and production of halal collagen and gelatine.

The second phase would move into the production of gelatine from tilapia scales, bones and skins, organic prawn farming and vendor development pro­grammes.

The group had already started construction of its RM30 mil­lion research centre in Tanjung Manis.

On top of that, Bahrain-based BioMe had also visited the site with a view to invest in sustain­able and profitable biotech indus­tries in the near future.

During the Invest Malaysia Forum 2011 in Abu Dhabi in January, Tanjung Manis Food & Industrial Park Sdn Bhd (TMFI) signed three memordandum of understandings (MoUs) that could rake in millions of dollars worth of investments from the Middle East.

The first agreement was be­tween TMFI and Inside Investor to facilitate investments from the GCC into Tanjung Manis Halal Hub.

It was then followed by a MoU with New York-based Borneo Agriculture to set up a US$500 million fund from GVC to invest in the hub and Perigon Advisory to establish a RM3 billion Food & Agriculture Fund for Islamic countries