Samsung Cheil's Participation In ECER Reflects Investor Confidence In Economy, Says Abdullah

Samsung Cheil's Participation In ECER Reflects Investor Confidence In Economy, Says Abdullah

BACHOK, Aug 22 (Bernama) -- The participation of Samsung Cheil Industries Incorporated of South Korea in the East Coast Economic Region (ECER) showed foreign investors continued to have strong confidence in Malaysia's economy, Prime Minister Datuk Seri Abdullah Ahmad Badawi said Friday.

Hence, efforts must be doubled to ensure ECER initiatives continued to receive investors' attention and attract them to the ECER region," he said when launching a kenaf centre for collection, processing, packaging and distribution and the first shipment of kenaf powder to South Korea at Beris Lalang here.

He said projects such as kenaf cultivation were in line with the government's policy to strengthen the agriculture and agro-based industry sector where emphasis was given to large-scale value-added agricultural activities involving application of hi-tech and modern technology.

"I hope kenaf will achieve the same success like oil palm," he said.

Kenaf is a plant whose stem produces a coarse fibre on the outer layer and a finer one in the core. The plant can grow up to 1.5-3.5 metres and has a long history of cultivation for its fibre in India, Bangladesh, Thailand, parts of Africa and to a small extent, South-East Europe.

The centre is a collaborative effort between Malaysia's Symphony Advance Sdn Bhd (SASB) and Samsung Cheil to develop and export kenaf polymer composites.

The kenaf powder will be used in the production of kenaf polymer composite material for electronics and automotive parts.

SASB and Samsung Cheil, which have teamed up to develop and export kenaf polymer composites, are eyeing South Korea and Japan markets.

They have set an initial target to export 1,000 tonnes of kenaf powder a month to South Korea, with an aim to expand it to 2,000 tonnes per month to include shipments to Japan.

A 10,000 hectare in ECER will be planted with kenaf in Bachok and Pasir Puteh in Kelantan and Setiu and Marang in Terengganu to increase the income of 10,000 tobacco farmers and to create more jobs.

Present were Plantation Industries and Commodities Minister Datuk Peter Chin Fah Kui, Second Finance Minister Tan Sri Nor Mohamed Yakcop, Minister in the Prime Minister's Department Tan Sri Amirsham A. Aziz, Chief Secretary to the Government Tan Sri Mohd Sidek Hassan and Petronas President and Chief Executive Officer Tan Sri Mohd Hassan Marican.

Kelantan Deputy Menteri Besar Ahmad Yaacob, Terengganu Menteri Besar Datuk Ahmad Said and ECER Development Council chief executive officer Datuk Jebasingam Issace John also attended the launch.

-- BERNAMA