Datuk Michelle Ong (right) briefing China's Transport Minister Yang Chuan Tang (third from right) and Datuk Seri Liow Tiong Lai (next to Yang) last year on Melaka Gateway.
KUALA LUMPUR: KAJ Development Sdn Bhd (KAJD), the master developer of Melaka Gateway, has signed a memorandum of agreement (MoA) with Powerchina International Group Ltd for a RM30bil joint investment to build and develop three islands that are earmarked for various tourism, commercial, property and maritime developments.
The islands will form part of Melaka Gateway, a tourism and property development project comprising three reclaimed islands and a natural island totalling 1,366 acres.
A joint statement issued by KAJD, Powerchina and the International Trade and Industry Ministry said the RM30bil investments would be made within two years from the date of the MoA. KAJD will remain as the master developer and project partner with Powerchina International on all matters leading to the investment, development and construction of Melaka Gateway.
KAJD chief executive officer Datuk Michelle Ong told reporters at the signing ceremony that KAJD would hold a 51% stake in the partnership. (Bernama report)
As for the fourth island at Melaka Gateway, it has been designated as a container and bulk terminal, shipbuilding & ship repair services, and a maritime industrial park. It will be developed by KAJD together with Guangdong, China and Chief Minister Inc.
The joint statement said Powerchina International had already deployed its technical teams to review the current technical data, carry out initial feasibility studies, consulting and design works at Melaka Gateway.
Signing for KAJD on Thursday were its chairman Datuk Seri Yahya Hamzah and Ong, while Powerchina International was represented by president (Asia Pacific) Ji Xiaoyong and vice-president (Asia-Pacific) Ye Haoliang.
The signing ceremony was witnessed by International Trade and Industry Minister Datuk Seri Mustapa Mohamed, Transport Minister Datuk Seri Liow Tiong Lai, Malacca Chief Minister Datuk Seri Idris Haron, and Malaysian Investment Development Authority chief executive officer Datuk Azman Mahmud.
In his speech, Mustapa said: “This agreement is another reflection of the confidence by investors in the strong fundamentals of Malaysia’s diversified economy. It is my hope that it will further encourage more investors to look at Malacca as their profitable investment destination.”
Ong said the signing ceremony marked KAJD’s commitment in bringing foreign direct investment to Malaysia, while at the same time drawing in technical know-how and expertise from China.
“Upon completion in 2025, we are expecting to draw in an estimated 2.5 million visitors per annum to Melaka Gateway, and the creation of 40,000 to 45,000 job opportunities. There will be immense trade volume with Melaka Gateway’s port and industrial developments, especially with the special economic zone,” she said.