KUALA LUMPUR (Aug 17): Eco World Development Group Bhd (EcoWorld Malaysia) welcomed Baosteel Can Making (Malaysia) Sdn Bhd (Baosteel Malaysia) to its Eco Business Park V (EBP V) project, following a virtual signing ceremony held concurrently in Kuala Lumpur and Shanghai. 

Baosteel Malaysia will be purchasing 16.32 acres of industrial land at EBP V for a purchase consideration of RM53.3 million. 

EcoWorld Malaysia president and CEO Datuk Chang Khim Wah said in a recent press release: “We are very happy that Baosteel Malaysia has chosen EBP V as the site for its new manufacturing facility in Malaysia. Baosteel Malaysia’s decision to establish their business here will certainly contribute towards our efforts to make EBP V one of the best industrial parks in the country and a key job centre offering quality employment opportunities for the people of Selangor.” 

Baosteel Malaysia director Zhu Wei Lai said: “The collaboration between Baosteel and EcoWorld marks Baosteel’s further investment in Southeast Asia and Baosteel looks forward to further cooperation with EcoWorld in more areas.” 

Baosteel Malaysia is owned by Shanghai Baosteel Packaging Co Ltd, a company listed on the Shanghai Stock Exchange, which is in turn, a subsidiary of China Baowu Steel Group Corporation Ltd (Baowu). Baowu is a pilot enterprise of state-owned capital investment companies with a registered capital of RMB52.79 billion and an asset scale of over RMB860 billion. In 2019, Baowu was ranked 149th among the Fortune Global 500 companies. 

Chang said that following the announcement of the PENJANA incentives for foreign direct investments (FDIs) intending to relocate their manufacturing facilities to Malaysia, the group has been receiving increased enquiries from overseas industrialists.

“The 10- or 15-year tax exemption available to foreign manufacturers who are prepared to invest between RM300 million to RM500 million, or above RM500 million respectively, has sparked renewed interest in Malaysia as a potential destination for new FDIs. Coupled with the promise of speedy manufacturing licence approval within two working days for non-sensitive industries, this certainly sends the right message that Malaysia is very much open for business,” said Chang. 

“Apart from tax incentives, the government’s calm and controlled handling of the Covid-19 crisis and the outstanding performance of our frontliners, particularly our healthcare sector, have not gone unnoticed. The investors we have been dealing with have also commended Malaysians on our generally disciplined observance of the necessary safety protocols which has enabled the nation to contain the Covid-19 outbreak effectively,” he added. 

Chang appeared confident on the incoming FDIs for business parks, particularly for EBP V. “This has played a huge part in protecting our economy from the worst effects of the pandemic and many now believe that Malaysia is well-positioned to recover faster than other nations. We are therefore confident that once the borders reopen and business travel can resume with countries that have had similar success in controlling Covid-19, we will be able to welcome more FDIs into EBP V and our other business parks in Iskandar Malaysia.”