Loke: Deal will see more Chinese investments along ECRL

Transport Minister Anthony Loke Siew Fook speaks during a press conference in Sepang April 8, 2019. — Picture by Miera Zulyana
Transport Minister Anthony Loke Siew Fook speaks during a press conference in Sepang April 8, 2019. — Picture by Miera Zulyana

BEIJING, April 26 — Malaysia can expect more investments from China, especially in the corridors along the East Coast Rail Line (ECRL) following the agreement inked between the Malaysian Investment Development Authority (MIDA) and China Communication Construction Company Ltd (CCCC).

Speaking to the Malaysian media here, Transport Minister Anthony Loke said the agreement stipulates the development of corridors along the ECRL.

“The agreement on the ECRL is already finalised. Yesterday’s agreement was about the development in the corridors along the ECRL,” he said, adding that the agreement would pave the way for more Chinese investments in Malaysia.

Loke said Malaysia wanted to maximise its development following the implementation of the RM44 billion ECRL project.

The minister is currently in Beijing as part of Prime Minister Tun Dr Mahathir Mohamad’s delegation to the 2nd Belt and Road Forum for International Cooperation which was opened by President Xi Jinping today.

The agreement between MIDA and CCCC inked yesterday followed the conclusion of the bilateral meeting between Malaysia and China in Beijing.

Both Dr Mahathir and his Chinese counterpart Li Keqiang witnessed the signing of the agreement titled “Enhancing Cooperation in the Development of Industrial Parks, Infrastructure, Logistics Hub and Transit Oriented Development Pursuant to the ECRL Project”.

After months of renegotiation, Malaysia Rail Link Sdn Bhd and CCCC recently signed an agreement to revive the once abandoned ECRL project to link the west and east coast of Peninsular Malaysia.

Both parties also signed a supplementary agreement which slashed the project’s cost from RM65.5 billion to RM44 billion, resulting in a saving of RM21 billion. — Bernama