KL commits $3.2b to triangle

KL commits $3.2b to triangle

KUALA LUMPUR (AFP): Malaysian companies have committed investments worth nearly US$3.2 billion to a growth triangle linking local firms and those from Indonesia and Thailand, a news report said yesterday.

Thirty-nine business pacts have been sealed between the private sectors in the Indonesia-Malaysia-Thailand growth triangle in the past 18 months, with Malaysian firms pledging some eight billion ringgit (3.2 billion dollars), the Bernama news agency said.

The triangle witnessed the signing of 20 pacts worth $1.3 billion in a single ceremony in December last year to develop infrastructure, trade and industry and human resources, tourism, agricultural and hotel services.

The triangle covers Indonesia's Aceh and North Sumatra provinces, Malaysia's Penang, Kedah, Perlis and Perak states and Thailand's Narathiwat, Songkla, Satun and Haadyai provinces.