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RM30bil boost for gateway

On Friday    02-09-2016 08:01:00

KUALA LUMPUR: The ambitious Malacca Gateway Project – which will be the largest private marina in South-East Asia upon its completion by 2025 – has received a RM30bil boost following the construction of three islands.

This follows the signing of the Memorandum of Agreement bet­ween KAJ Development Sdn Bhd, the master developer of Malacca Gateway project, and Power­china International Group Limited, one of China’s biggest corporations.

“This infrastructure will certainly place Malacca as a gateway to unlock further opportunities for the state, Klang Valley and Malaysia as a whole,” said Transport Minister Datuk Seri Liow Tiong Lai at the signing ceremony yesterday.

Launched last year, the Malacca Gateway will feature 12 precincts.

Among the planned facilities are a marina for yachts, luxury condominiums, bungalows with private marinas, tourist eco-parks, theme parks and ports for cruise ships.

Under the deal, KAJD will remain the master developer and project partner with Power China Inter­national on all matters leading to the investment, development and construction of the Malacca Gate­way.

“The signing between KAJ and Powerchina to develop a port under the Malacca Gateway programme is well-aligned with China’s One Belt, One Road Initiative (Obor).

“Malaysia believes that Obor is a game-changer that will bring about inclusive growth, economic integration and regional trade.

“I am confident that the partnership will give Malacca a prominent role as part of the Obor initiative, given its strategic location of the Strait of Malacca as a major trading route,” said Liow.

He also noted that the port was also meant to serve as a liquid cargo terminal with storage facilities which would benefit oil trading across Asia, Europe and the Middle East.

At a press conference later, Liow said under the Obor initiative, the country would continue to provide good projects for China to invest in Malaysia.

“This is not only a cruise port. We are also offering them a deep sea port with other maritime industrial activities.

“It is an important milestone that will put the Malacca port on the world map,” he added.

-The STAR-

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