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BUSINESS

Kedah records RM20 bln approved investments in Q2 2022

23/08/2022 04:02 PM

SUNGAI PETANI, Aug 23 (Bernama) -- Kedah recorded RM20 billion worth of approved investments in the second quarter of 2022 (Q2), the highest in Malaysia thus far.

Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor said the amount exceeded the RM10 billion target set by the state government for this entire year.

"Kedah has a strong flow of foreign and domestic investments and the presence of investors has helped to raise the state's economic growth as well as create job and business opportunities.

He was speaking at the launch of Petronas Chemicals Fertiliser Kedah Sdn Bhd’s melamine plant in the Gurun Industrial Zone near here, today.

Petronas Chemicals Group Bhd (PCG) managing director/chief executive officer Mohd Yusri Mohamed Yusof was present at the event.

Muhammad Sanusi said the melamine plant project will further strengthen Gurun's industrial area as a specific international chemicals production zone in Southeast Asia.

He said the project is very important and will help the state government in developing the state’s economy, especially in the oil and gas and petrochemical industry sectors.

"The state government welcomes PCG's decision to continue investing here to further develop the Gurun Industrial Park. When completed, I understand PCG will be the only melamine producer in Southeast Asia and its factory will put Kedah and Malaysia in a stronger position in the region," he said.

The plant is expected to be operational in 2024 with a production capacity of 60,000 tonnes a year.

-- BERNAMA


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