Malaysian firms welcomed to invest in China's Lanzhou bonded zone

IBC, the five-storey commercial building covering 24430-square metre is aimed at bringing in quality foreign products, such as halal products, luxury products, cafe restaurant, franchise brands, bird's nest, fast-moving consumer goods (FMCGs), home appliances, green energy products, automotive products and textiles, said Massino Resources Managing Director Sim Yuqi.

The company had poured in some 200 million yuan (about RM121 million) into the IBC and expects to generate an annual return of two billion yuan (RM1.21 billion), he told Bernama after signing an agreement with Lanzhou New Area Bonded Zone Development Co Ltd, represented by its person-in-charge Sun Xiaowei, here Friday.

The signing was witnessed by Malaysian Investment Development Authority (MIDA) Consul (Investment) Simon Lee Yew Weng and Deputy Director of Lanzhou New Area Committee Wang Hui.

“Despite hoping for more foreign investors to invest in the IBC, we are looking forward to dealing with Malaysian authorities, including the Islamic Development Department Malaysia (JAKIM) over Malaysian halal products,” Sim said.

The 50-year-old Malaysian, who has been residing in China for about a decade, said he hoped to receive assistance from the Malaysia External Trade Development Corporation (MATRADE) to introduce more Malaysian products into the bonded zone.

Construction of the IBC commercial building is expected to be completed in October this year, while operations would begin by year-end.

Also present were Agriculture Counsellor at the Malaysian Embassy in Beijing Aszmy Mahmood Yusof Mohamed and the embassy's Second Secretary (Economy) Kiew Chia Meng.

Earlier, Wang said in his opening speech that the Lanzhou New Area comprehensive bonded area has attracted 305 projects with a total investment value of 380 billion yuan (RM230 billion).

The 3.39 sq. km. Lanzhou New Area, whose establishment was approved by the State Council, China's cabinet, on July 15 last year, aims to become an inland import and export distribution centre, industrial clustering area and strategic economic centre in Middle and West Asia.