Chinese Tycoon Plans to Invest in Malaysia
(Photo: Misiah Taib/Twitter)
Yan Jiehe, founder of China's Pacific Construction Group Ltd (CPCG) planned a 10-year investment amounting to MR10 billion over ten years to develop infrastructures and hi-tech machinery. CPCG is listed in the 96th place in Fortune Global 500 in 2018.
According to Yan, Malaysia is business friendly and one of the most competitive countries in the region. He added that the country's fundamentals are strong. He also said that the country has excellent infrastructure, a robust ecosystem and a big pool of trilingual workforce. For him, Kuala Lumpur is a strategic launch pad for their expansion plan into the Asia Pacific.
He said in a statement that they are planning to invest up to RM 10 billion in 10 years which is in line with CPCG's core business areas of infrastructure development, hi-tech machinery, and education. The founder also stated that the company is open to increase its investment especially for projects that are beneficial to the Malaysian people.
Yan said that with the company's track record of having successfully delivered complicated construction projects in China, they are confident that, with the help of local collaborators, they will be able to do the same in Malaysia.
CPCG started the CPCI Holdings Sdn Bhd to make its investment in Malaysia and the Asia Pacific a lot easier. The CPCI is the company's subsidiary in Kuala Lumpur that will act as a regional technical competency center. It was reported that CPCI is involved in a construction project amounting to RM 200 Million in Sahabat, Sabah.
Yan also added that, within the next five years, they are planning to employ 150 highly skilled professionals of which more than half will be Malaysians as they plan to position CPCI as a lead player across the Asia-Pacific Region. He believes that Malaysia's trilingual local talents are invaluable assets to work on the group's projects globally.
The group expects that CPCI will optimize its operations by centralizing its regional decision-making and major activities in Kuala Lumpur that includes accounting, strategic planning, business development bid and tender management, and engineering services.
The subsidiary plans to create schools and universities for businesses and they also want to give scholarships to local students. It was reported that CPCI plans to offer scholarships to 500 students in the construction and engineering students in local universities.
CPCG is reported to gain total revenue of RM319 billion and it is known to be the biggest private-owned construction company globally.