Anwar to chair meeting on Chinese investments in Malaysia

Prime Minister Anwar Ibrahim today said that he would chair a meeting on the investments of Chinese companies in the country, to ensure the implementation of immediate and effective action.

Anwar, who is also the finance minister, said the matter was decided in the Cabinet meeting he chaired today, following the decision of giant Chinese companies to invest in the country.

"We will go down to discuss with the relevant state governments which received large investments from China," he said in a press conference after chairing the Cabinet meeting in Putrajaya.

Anwar also asked the state governments involved in investment projects from China to speed up investment-related processes.

"The state governments and the municipal councils should ensure that the (related) processes are expedited, so that this does not pose a problem for the companies. However, the regulations must be fully adhered to.

"All studies from the relevant departments must be completed first, but don’t take too long because the current situation requires more vigorous investment," he said.

Anwar said the investment projects from China, involving Zhejiang Geely Holding Group and Rongsheng Petrochemical Co, are expected to start by May at the latest.

Geely’s investment projects are in Pahang and Tanjung Malim, Perak, while Rongsheng's projects are in Pengerang, Johor and Terengganu.

"Two major companies, Geely and Rongsheng, are planning to visit Malaysia for follow-up... to make sure their projects take off early," Anwar said.

During Anwar's recent official visit to China, Malaysia received RM170 billion in investment commitments from Chinese investors as a result of the signing of 19 memorandums of understanding between Malaysian and Chinese companies.