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.