Chinese tycoon plans to invest US$2.4 Bn in Malaysia
China's Pacific Construction Group Ltd (CPCG), one of the top 500 Chinese enterprises, is planning an investment of RM10bil in Malaysia over 10 years in areas including infrastructure development and hi-tech machinery, according to a report.
At 96th position in 2018 Fortune Global 500, Yan Jiehe, founder of CPCG, is reported to have said Malaysia is business friendly, and one of the most competitive countries in the region. The country’s fundamentals are strong; they have excellent infrastructure and a robust eco-system along with a big pool of trilingual talents. Kuala Lumpur is thus, a strategic launch pad for their expansion into the Asia Pacific, he added.
In line with their core business areas of infrastructure development, hi-tech machinery, and education, CPCG plans to invest up to RM10bil over 10 years in Malaysia. Yan has also reportedly said that CPCG was open to increasing its investment especially for federal projects that would benefit the people.
With a record of having successfully delivered several construction projects in China, the construction group is of the view that, in collaboration with local partners, they will be able to replicate the same in Malaysia.
In fact, the construction company CPCG has set up CPCI Holdings Sdn Bhd (CPCI), a wholly-owned subsidiary in Kuala Lumpur as its regional technical competency center, to make it easier to invest in Malaysia and across the Asia Pacific.
The company also plans to engage 150 skilled professionals of which more than half will be Malaysians. These trilingual local talents will be invaluable to work on the Group’s projects worldwide, Yan said.
CPCI, under its education strategy, also plans to start business schools and provide scholarships to local students. to start with, CPCI will provide up to 500 scholarships for construction and engineering students in local universities.
Founded in 1995 by Yan, CPCG is one of the largest integrated construction groups in China and Asia in terms of the total engineering contract revenue.