ALOR SETAR: Kedah Menteri Besar Datuk Seri Mukhriz Mahathir said starting the new year bringing in investments from China is a good sign for the state.
"One of Kedah's main goals for 2020 is to invite more investors into Kedah.
"Investments from China's businesses are starting to pour in and that will open up job opportunities for the local people," he said at a signing ceremony between Zhejiang Element Holding Co Ltd, Invest Kedah Bhd and Genting Ehsan (SP) Sdn Bhd at Wisma Darulaman today.
The three-way memorandun of understanding involves an investment of RM1.6 billion to spearhead a sustainable logging industry at Bukit Selambay Industrial Zone in Sungai Petani.
Zhejiang Element has been heavily involved in the wood based industry in China and will open up a factory to make floor boards, build a sustainable paper factory using recycled products and grow an eucalyptus farm. This will generate more wood-based local products for export.
"I am happy that local companies have been chosen as strategic partners and this will result in the sharing of technical know how and technology transfer.
"More local jobs will be created and the spillover effects from this investment should encourage locals and businesses in Kedah to generate more income," he said.