Tie-up for Signature Tower

PUTRAJAYA: The Signature Tower, which will anchor the Kuala Lumpur international financial district that is now called the Tun Razak Exchange (TRX), is among the projects named in a joint-venture (JV) agreement between investment groups from China and Malaysia.

The Export-Import Bank of China (China EXIM Bank) and 1Malaysia Development Bhd (1MDB) signed the agreement at the Perdana Putra building here yesterday.

China EXIM Bank chairman and president Li Ruogu and 1MDB managing director and chief executive officer Mohd Hazem Abd Rahman signed the agreement, with Chinese President Xi Jinping and Prime Minister Datuk Seri Najib Tun Razak witnessing the signing.

The two giants agreed to explore investment opportunities in both countries as well as in other locations.

The Signature Tower, for which an international design competition was held last year to pick the best architectural design, is among the investments the two partners have agreed to explore.

The landmark tower, which will serve as the primary physical marker of the 28ha TRX hub, will become an important addition to the city’s skyline.

The China EXIM Bank-1MDB JV will also look into the investment potential offered by sectors such as hospitality, commercial aquaculture, agriculture and infrastructure, both at home and abroad.

1MDB said the JV would bring both parties together to create new sources of growth for the long-term economic prosperity of both countries. “The JV hopes to build on a long and successful history of economic cooperation between China and Malaysia,” it said in a statement.