KUALA LUMPUR, Sept 23 — Malaysia is in talks with several foreign companies on investments totalling RM50 billion, the Malaysian Investment Development Authority (MIDA) said today.

Its Chief Executive Officer, Datuk Azman Mahmud, said the talks were expected to be concluded within two months.

“We have a significant number of investments in the pipeline and we hope the talks can be completed soon,” he told reporters after a groundbreaking ceremony for the RM362 million Taiwan-based Eternal Materials Co Ltd's factory at Tanjung Langsat industrial complex here today.

Johor Tourism, Trade and Consumer Affairs Committee Chairman, Datuk Tee Siew Kiong, officiated the ceremony.

Azman said more foreign investments would be brought into Johor as it was  close to Singapore.

“It can be the new investment destination as it has four international ports,” he said.    

Azman said the opening of the new factory showed that foreign investors had the confidence in the Malaysian economy.

“Eternal Materials is a company known for its specialisation of chemicals and we are trying to increase their investments into chemical plating.

“This is important as one of MIDA's strategies is to strengthen the petrochemical industry in Pengerang, Johor,” he said.

The 16.2-hectare manufacturing factory was expected to commence operation by end-2017, he said.

“The new factory will add to the company's existing capacity of synthetic resins and unsaturated polyester resins to cater to a growing demand in South-East Asia,” he said.

The company's products are mainly used in paints and coatings, construction chemicals, adhesives plus fibre and non-fibre reinforcement industries. — Bernama