PETALING JAYA: Prime Minister Muhyiddin Yassin today announced that Nine Dragons Paper (Holdings), Asia’s largest paper manufacturing group, will invest an additional RM5.4 billion in the country.
The Chinese company’s latest investment in Malaysia includes a RM4.2 billion investment in a factory in Banting, Selangor, and the acquisition of a paper and pulp mill in Bentong, Pahang, worth RM1.2 billion.
In a statement on his Facebook page, Muhyiddin said the two projects will generate 2,180 jobs, with almost 90% of them going to Malaysians. The project in Banting is scheduled to begin operations in 2022.
“The increase in investment by the Nine Dragons Paper Group clearly shows the confidence of foreign investors in continuing to make Malaysia their destination of choice,” said Muhyiddin.
“I emphasise that the Malaysian government is very ‘pro-business’, always welcomes foreign investment and is ready to offer various incentives to encourage this.”
He noted that 572 manufacturing projects from China worth RM78.61 billion have been approved by the Malaysian Investment Development Authority (Mida) as of last December.
Earlier today, Muhyiddin received a delegation from Nine Dragons Paper (Holdings) represented by its chairman, Cheung Yan, and deputy CEO, Zhang Cheng Fei.
Also present were minister of international trade and industry Mohamed Azmin Ali and Mida CEO Azman Mahmud.