Tuesday, November 30, 2021

Chinese paper manufacturing giant committed to boosting Malaysia investment by RM5.4 billion, says PM

Muhyiddin Yassin says the increase in investment reflects the confidence of foreign investors in continuing to make Malaysia their destination of choice.

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China’s Nine Dragons Paper (Holdings) Limited, the largest paper and paperboard manufacturer in Asia, is committed to increasing its investment by RM5.4 billion in Malaysia, says Prime Minister Muhyiddin Yassin.

He said the increase in investment by the group clearly reflected the confidence of foreign investors in continuing to make Malaysia their destination of choice.

“The Malaysian government is very pro-business and always welcomes the entry of new investments into the country, and is ready to offer various incentives to encourage more foreign investment into Malaysia.

“Hopefully, the country’s economy will continue to recover and become stronger,” he said in a Facebook post after receiving the company’s delegation represented by its chairman Cheung Yan and deputy CEO Zhang Cheng Fei today.

Also present were International Trade and Industry Minister Mohamed Azmin Ali and Malaysian Investment Development Authority (Mida) CEO Azman Mahmud.

Muhyiddin said as of December 2020, a total of 572 manufacturing projects from China worth RM78.61 billion had been approved by Mida, including that of Nine Dragons Paper Group.

The company is listed on the main board of the Hong Kong Stock Exchange and China Fortune 500.
The group’s investment in Malaysia includes two manufacturing facilities, namely ND Paper (Malaysia) Sdn Bhd in Bentong, Pahang, involving the acquisition of a paper and pulp mill with a total investment of RM1.2 billion, and ND Paper Malaysia (Selangor) Sdn Bhd in Banting worth RM4.2 billion.

Both projects will create 2,180 jobs with almost 90% for locals, the prime minister said, adding that the project in Banting is scheduled to begin operating in 2022.

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