LAHAD DATU: Sabah will benefit from working with Chinese and South Korean companies in the development of the Palm Oil Industrial Cluster (POIC) Lahad Datu, Managing Director of POIC Sabah, Datuk Fredian Gan.
He said POIC Lahad Datu signed collaboration agreements with South Korean shipping and logistics operator Dongnam A Circularter Co Ltd and China Construction Bank (CCB) on July 30, 2021 and April 8, 2022, respectively.
“The fact that they have been here for the past three days to visit our facilities at the first opportunity (post COVID) is a clear indication of their seriousness moving forward. Their visit is to take a look and feel the city of Lahad Datu and the POIC firsthand,” he said in a statement here.
POIC Sabah is developing the POIC Lahad Datu Industrial Park and operating an integrated port infrastructure on the east coast of Sabah at Lahad Datu.
The CCB delegation was led by its senior vice president of strategic development, Wang Jiayang, while that of Dongnam was led by its chairman, Su Man Hwang.
With Dongnam establishing a base in Lahad Datu, Gan said the companies’ operations could potentially encourage the flow of goods in and out of Lahad Datu, as well as induce investors to set up manufacturing plants, taking advantage of POIC Lahad Datu. as a merger. for raw materials such as palm oil, algae, petroleum and minerals.
He said the entry of Busan-based Dongnam into POIC Lahad Datu is expected to unlock the potential of the vast natural resources of the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean (BIMP EAGA) growth area using Lahad Datu. as a base, matching it with Korea technologies.
“Dongnam Global Shipping Routes is a ready network of ports whose connection helps POIC Port find its place in the global port and port community,” he added.
On CCB, Gan said connecting with a state-owned Chinese banking giant will help POIC Sabah continue its efforts to win over Chinese investors.
“Chinese Foreign Minister Wang Yi’s recent statement that China is keen to explore investment opportunities in Sabah’s palm oil sector shows that we are being noticed and that our efforts on China have bore fruit.
“There are already hundreds of Chinese companies investing in Peninsular Malaysia. We hope working with CCB will inspire these investors and others in China to look our way,” he said.
Gan said that as a public company, POIC Sabah looks forward to working with all public agencies and the private sector to explore business opportunities with two of the largest industrialized economies.
“Thanks to CCB and Dongnam, the door is wide open for Sabah to access the many large foreign direct investments, which Sabah is looking for with regard to the development plan of Sabah Maju Jaya.
“Delegations are suitably impressed with our intentions in (the framework of) the BIMP-EAGA region and we hope to materialize some agreements soon,” he said.
The Dongman and CCB delegations also met with Lahad Datu District Officer Mohammad Ayub Yakub who briefed them on the local authority’s project planning and approval processes. — Bernama