More Chinese firms show interest to invest in Malaysia - Business News

KUALA LUMPUR: The on-going United States-China trade war has spurred interest among Chinese companies to invest in Malaysia, says International Trade and Industry Deputy Minister Dr Ong Kian Ming.“Malaysia could potentially benefit in terms of of attracting more Chinese investors to come to the country due to its strategic location in Southeast Asia,” he said.Ong was speaking to reporters after the 4th Joint Cooperation Council (JCC) meeting on the Malaysia-China Kuantan Industrial Park (MCKIP) and its sister park, the China-Malaysia Qinzhou Industrial Park (CMQIP) here today.He said Malaysia also welcomed greater trade economic cooperation with China and hoped the MCKIP in Kuantan, Pahang and the CMQIP in Qinzhou, China would strengthen existing ties between both countries.In his closing remarks, Ong said the first investment project in MCKIP was a RM5.6 billion modern integrated steel mill which was completed one year ahead of schedule and is currently operational.“The investment for the steel mill has translated into 3,800 jobs for local workers, and we have also welcomed Maxtrek Tyres, a new investment from Guangdong’s Zhaoqing Junhong Co Ltd in MCKIP,” he said.To date, MCKIP has 10 committed projects with a total investment of over RM18 billion, which is expected to create 20,000 jobs.Meanwhile, on the expansion of Kuantan Port, which acts as a catalyst to the MCKIP’s development, Ong said phase 1 of the port’s deep water terminal commenced operations in the fourth quarter of 2018.He added that the port’s annual handling capacity will increase to 52 million tonnes when the new deep water terminal (phase 2) is completed.On CMQIP’s development, China’s Assistant Commerce Minister Li Chenggang said the industrial park’s total development area has reached 2,200 hectares.“Investments that have materialised and are currently operational include the China-Malaysia International Science and Technology Park, the Electronic Information Industry Park, the Smart Interconnection Industrial Park and the National Bird Nest Laboratory.“More than 10 high technology projects have commenced their production in CMQIP, and there are currently over 30 registered enterprises and 42 key industrial projects in the park with a total investment amounting to RMB64.44 billion (RM38.75 billion),” he added.

Source:The Star

June 14, 2019 07:52 UTC

Portal My AzZahra ensures security in cooperative financing - Business News

KUALA LUMPUR: MyAngkasa Az Zahra Sdn Bhd and Angkatan Koperasi Kebangsaan Malaysia's (Angkasa) online loan processing platform – Portal My AzZahra – ensures security in cooperative financing for civil servants.MyAngkasa Az Zahra and Angkasa's initiative in developing the portal and launched in January is an aggregator of shariah compliant cooperative financing products, the companies said in a joint statement on Friday.MyAngkasa Az Zahra director Mohamad Shaharul Mohamad Shariff said applicants can choose products which suit their need and make the application directly to the respective cooperative via the platform.MyAngkasa Az Zahra, which is an associate company of Angkasa, had received numerous enquiries from the public over a report on syndicated loan scam.According to the statement, the report highlighted the existence of scams in the personal loan applications such as forging of salary slip, 50% pay out to loan applicants from actual loan applied and confiscation of ATM card involving a credit cooperative in the country.Mohamad Shaharul, among the objectives of this portal are to minimise the involvement of middlemen or agents by connecting the applicant directly with the cooperative of their choice to prevent potential fraud, manipulation and wrongdoings by credit company or loan sharks.“Furthermore, the financing application system provided by Portal MyAzZahra gives the applicant significant advantage to choose, apply and monitor their applications in an easy, fast, safe and transparent manner,” he added.MyAngkasa Az Zahra director Ahmad Sharmin Zahari explained that all transactions conducted in Portal My AzZahra are recorded using an audit trail function.Hence, the applicant and cooperative can monitor all the processes in real time to guarantee transparency and confidence of both parties.Portal My AzZahra is Personal Data ProtectionAct 2010 (PDPA) compliant and all the personal data of applicants are protected.“Participating cooperatives of this portal have undergone stringent evaluation process. The company has ensured that only qualified cooperatives with clean track record, offering only Suruhanjaya Koperasi Malaysia (SKM) approved products are allowed to come on board,” he added.MyAngkasa Az Zahra specifies all product offerings in the portal must display amount of nett payout to be received by the applicant including monthly payment amount, financing tenure and cost of financing.MyAngkasa Az Zahra chairman Datuk Abdul Fatah Abdullah said they were focused on integrating the systems between Portal MyAzZahra and Angkasa existing systems.These systems such as SPeKAR and SPGA are to ensure only genuine qualified applicants are allowed to apply for financing via the portal and to request for salary deduction from Angkasa.

Source:The Star

June 14, 2019 04:07 UTC

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