CHINESE TO INVEST IN MALACCA GATEWAY

RM43bil investment in Malacca Gateway a boost to Malaysia, says Liow
BY R.S.N.
Ambitious project: KAJ Development Sdn Bhd CEO Datuk Michelle Ong (fourth from right) briefing Liow (fourth from left) and Yang (fifth from left) on the Malacca Gateway project at Pulau Melaka. With them are Malacca state secretary Datuk Wira Naim Abu Bakar (sixth from left) and state Transport and Project Rehabilitation Committee chairman Datuk Lim Ban Hong (third from left).
MALACCA: China’s investment of US$10bil (RM43bil) in the Malacca Gateway project can further spur the growth of seaports in the country to be on par with harbours in the region, said Transport Minister Datuk Seri Liow Tiong Lai.
“China is recognised for its top 10 seaports in the world and Malaysia can anticipate its very own top-notch seaport with the expertise and fiscal commitment from China in unveiling a high-value harbour here,” he said.
Liow was accompanying his counterpart from China, Yang Chuantang, on a tour of Pulau Melaka yesterday.
The Chinese Transport Minister and his entourage checked out the development at Malacca Gateway, a project with an estimated gross developmental value of RM40bil spanning 246ha, including on a reclamation site.
Launched on Feb 7 last year, the project is set to become the largest private marina in South-East Asia upon completion by 2025 with 12 precincts, including residential, commercial, cultural, entertainment and lifestyle elements.
Liow said the Federal Government had in principal agreed to the Chinese initiative in developing a deep-sea port and Ocean Park at Malacca Gateway as part of its backing for the “One Belt, One Road” vision by Chinese President Xi Jinping.
“We are talking about a huge investment by the Chinese,” he said, adding that it would be a win-win situation for both nations.
“Malacca will be recognised as the largest port in this region,” he said.
Liow said Malacca Gateway would see the development of three man-made islands where China would play a pivotal role in the project.