PT Resources inks MOU to jointly develop RM1 bil supply chain park in Kuantan

PT Resources inks MOU to jointly develop RM1 bil supply chain park in Kuantan

27 Feb 2023

PT Resources Holdings Bhd has inked a deal to jointly develop the Malaysia East Coast International Supply Chain Intelligent Park.

In a bourse filing on Monday (Feb 27), the company said it had entered into a Memorandum of Understanding (MOU) with Ocean Exchange (Fujian) Foreign Trade Services Co Ltd (Ocean Exchange) to set up the park, inspired by the Marché International Cold Logistics and Cross-border E-commerce project located in Fujian province, China.

It said the project involves the establishment of an international supply chain intelligent park in Kuantan, Pahang, which is intended to drive the development of food and light industries’ supply-chain between Malaysia and Fuzhou.

The company said the MOU is to outline the general ambit of both PT Resources and Ocean Exchange’s intention to proceed with the participation in the project, of which the responsibilities of each party are subject to mutual discussion and negotiation.

In a separate statement, PT Resources said the project, which facilitates bilateral trade between Malaysia and China through Fuzhou, China, is estimated to be worth about RM1 billion.

The company said the international supply chain intelligent park will encompass among others, integrated cold chain facilities to facilitate cross-border supply of consumer food, as well as establish a digital financial platform utilising the UnionPay network to streamline and facilitate effortless cross-border payments and settlements between the International Supply Chain Intelligent Park and Fuzhou Park.

It said that in addition, the project also aims to boost the trade between the Malaysian seafood wholesale market and China through digital transformation, while collaborations with cold chain logistics companies will be initiated to facilitate an integrated logistics supply chain.

PT Resources managing director Heng Chang Hooi said the company expects the project to strengthen the supply chain between Malaysia and China, as well as be beneficial to end consumers.

“In addition, we expect a growth in our overseas sales, in view of the growing affluence in China, which will contribute to an increase in demand for frozen seafood in China,” he said.

Source: The Edge Markets