DRB-Hicom, Malakoff To Invest In Sime Darby Property’s Pagoh Special Economic Zone

March 31, 2021

DRB-Hicom, Malakoff To Invest In Sime Darby Property’s Pagoh Special Economic Zone

DRB-Hicom Bhd and Malakoff Corporation Bhd are keen on investing in the Pagoh Special Economic Zone, which was officially launched in Muar, Johor last Saturday (27 March 2021).

Prime Minister Tan Sri Muhyiddin Yassin revealed that DRB-Hicom, via its subsidiary Proton Holdings Bhd, intends to build an automotive-related component manufacturing plant just like the one in Tanjung Malim, Perak, reported Bernama.

“(These investments) involve (the) two large companies…I have directly contacted Tan Sri Syed Mokhtar Al-Bukhary, the biggest shareholder in both companies (DRB-Hicom and Malakoff), and received confirmation of what I announced just now (during his speech at the launch) with regard to his interest to come here,” he said following the launch of the Pagoh Special Economic Zone’s first phase at the sales gallery of Sime Darby Property in Muar.

As for Malakoff, one of the group’s subsidiaries also plans to build a plant to produce solar panels.

“This will also involve a large investment and a lot of employees, and I very much welcome the investments. I hope it can be carried out in this first phase,” said Muhyiddin, who also serves as Pagoh MP.

Where are the best neighbourhoods for living in Johor? Find out here!

So far, the government had attracted investment commitments worth over RM200 million for Pagoh Special Economic Zone’s first phase of development, he shared during his speech.

Spanning five to seven years, the maiden phase will have an estimated gross development value of RM1.1 billion and feature a 174ha industrial area as well as a 170ha entrepreneurship hub, said Muhyiddin, who is also Gambir Assemblyman.

He added that the government had already approved applications under the special incentive package for the Pagoh Special Economic Zone, which offers five-year exemptions for income tax as well as stamp duty and sales tax for firms undertaking targeted key activities.

The government will also extend incentives to firms that could bring in high-value activities via the special incentive package, said Muhyiddin.

“They include industries involved in wood-based and furniture products, textile products, manufacture of food and beverages, automotive engineering products, electrical and electronics products, as well as green technology and agriculture-based products,” he said.

 

Image source from Bernama

 

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