SINGAPORE: The Pahang government today signed 11 memoranda of understanding (MoUs) with Singaporean investors and international companies that have agreed to invest RM1.134 billion in the state.
“The total amount of the investments is larger than the state government’s annual budget which only amounts to RM700 million,” Menteri Besar Wan Rosdy Wan Ismail told Bernama after witnessing the MoUs signing ceremony.
State secretary Sallehuddin Ishak signed the MoUs on behalf of the state government.
Wan Rosdy, who is leading the state’s second trade mission to the republic after the first one in May, said the 11 investments would be in the form of direct investments and joint ventures.
Commenting further, he described the second trade mission as being “very successful”.
The trade mission was in conjunction with Pahang Investments Forum 2019, which saw the participation of 83 Singaporean companies and 23 Singapore-based multinational firms.
According to the menteri besar, the focus given to Singapore was due to demand from investors in the republic who wanted to invest in Pahang, which is the biggest state in the peninsula.
Asked if there were special incentives for the investors from Singapore, Wan Rosdy said it was “something that could be considered”.
He added that the total gross development value for the 11 investments amounted to RM2.372 billion.
Wan Rosdy said Hercules Technologies Sdn Bhd was the largest investor with an investment commitment of RM450 million in three proposed projects at the Gebeng Industrial Area in Kuantan.
One of the projects was a proposed development of a concrete and cement products supply centre for the East Coast Rail Link project in the east coast region, which also involved Terengganu and Kelantan, he said.
In his keynote address at the forum yesterday, Wan Rosdy said the state government was planning to allocate 485ha to develop the Pahang-Singapore Industrial Park.
The proposed site was located at an area along Jalan Kuantan-Pekan, near the campus of Universiti Malaysia Pahang, he said.