Terengganu to attract investment from silica stone company amounting to RM2.4 bln

Terengganu to attract investment from silica stone company amounting to RM2.4 bln

25 Aug 2022

KUALA LUMPUR, Aug 25 (Bernama) — Invest Terengganu, an Economic Planning Unit of the state of Terengganu is negotiating to attract investment from an international silica stone-producing company amounting to RM2.4 billion.

Terengganu trade, industry, regional development and welfare administration committee chairman Datuk Tengku Hassan Tengku Omar said the investment negotiations in Terengganu are expected to be finalised by the end of this year.

“The investment involves the construction of a factory with 32 silica stone manufacturing lines and will be developed in an industrial park in Cheneh,” he told reporters after the MIDA Invest Series: Unfolding States Business Potential – A Briefing by Invest Terengganu seminar here today.

He said the industrial park in Cheneh, Kemaman is a new industrial park, in addition to the 25 existing industrial parks at the moment.

“The state government has agreed to rezone a new area of approximately 8,000 hectares and part of it already has takers, and among them is an application related to the construction of a silica stone factory from China,” he added.

Meanwhile, Tengku Hassan said the total investment value of the silica stone factory is in addition to the overall target value of Terengganu’s state investment which is RM5 billion this year.

“As of today, we have almost reached the target value and of that amount, 60 per cent of the investment is from international companies.

“Last year, we managed to record RM3 billion in investment into Terengganu,” he added.

Source: Bernama