ALOR STAR: The Kedah government is looking for a replacement investor for the Kedah Integrated Fishery Terminal (KIFT) in Kuala Kedah after a China-based company that was supposed to bring in the investment failed to pay the RM5 million commitment fee.
State Investment and Industry Committee chairman Datuk Dr Ku Abdul Rahman Ku Ismail (BN-Guar Chempedak) said the fee was based on the RM1 billion investment cost for the first phase of KIFT.
“The state government has done everything possible to make the project a success and has helped the company obtain an approval from the National Physical Planning Council.
“Due to several factors, the state government has introduced a commitment fee for all projects in the state, and for this, the investor needs to pay RM5 million.
“However, until now, the company has yet to pay,” he told the State Legislative Assembly here today.
Ku Abdul Rahman was responding to a question by Datuk Phahrolrazi Zawawi (Parti Amanah Negara-Pengkalan Kundor) on the status of the KIFT investor during the state 2018 Budget debate session.
Phahrolrazi said he was worried the project would not materialise as the term of the current state government was ending.
It was reported that the KIFT project, a joint venture between the state government and a Qingdao-based company, was meant to modernise the fishing industry, particularly in Kedah.
The RM3 billion project would transform the state into an international fisheries centre in 10 years.
KIFT involves the construction of a fishery commercial terminal, trading market, cold storage chain logistic base, aquatic product processing base, supply and preparation base, supporting marine foodtech, leisure and tourism service area and other facilities in one port.
Keywords: Kedah Integrated Fishery Terminal, investment, commitment fee, fishery, fisheries, Kedah, state legislative assembly, Datuk Dr Ku Abdul Rahman Ku Ismail, Datuk Phahrolrazi Zawawi