KL invests $3.2b in growth triangle

KL invests $3.2b in growth triangle

KUALA LUMPUR (AFP): Malaysia has invested eight billion ringgit (US$3.2 billion) in an economic growth triangle that encompasses Indonesia, Malaysia and Thailand, economic adviser Daim Zainuddin said yesterday.

The investments were made shortly after the triangle was formed in 1993 and encompassed manufacturing, trading, energy, telecommunications, tourism and construction projects, Bernama news agency quoted Daim as saying

"Out of 39 memoranda of understanding in which Malaysia participated, 16 have been implemented," said Daim, adding that the other projects were in various stages of implementation.

He was opening the fifth ministerial meeting of the Indonesia- Malaysia-Thailand Growth Triangle in Malaysia's northeastern Kelantan state.

It was attended by Thai Deputy Prime Minister Amnuay Viravan and Indonesia's Minister for Investment Sanyoto Sastrowardoyo.

Daim said another 73 projects had been identified for collaboration. Thirty-three of the projects were proposed by the Asian Development Bank while 40 were mooted by the private sector.

Malaysian investors were actively involved in the growth area since it was set up in 1993 to boost cooperation among the three countries, said Daim, Malaysia's former finance minister.

Four northern states in Malaysia -- Kedah, Perak, Penang and Perlis -- and Thailand's five southern provinces -- Satun, Songkhla, Yala, Narathiwat and Pattani, with a total population of 26 million, are part of the growth triangle.