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Friday, May 27, 2011

China, Malaysia to develop industrial park

China is looking to incorporate a joint venture company with Malaysian developers to undertake the construction of the Qinzhou Industrial Park (QIP), said Deputy Director Qinzhou Municipal Commerce Bureau Xiao Xiao.

She said the joint venture company would cooperate in land acquisition, infrastructure construction and investment promotion.

"We chose Malaysia as our JV partner as it our biggest trading partner in the China-Asean Free Trade Agreement with bilateral trade having grown eight times since 2000.

"Qinzhou offers easy access via multiple options, including direct sea route, Pan-Asia railway and the highway network," she told Bernama in an interview today.

She said the QIP was planned to focus on equipment manufacturing, electronic information, new energy and materials, agriculture products, food processing and modern services industries.

"In terms of industrial layout, we welcome any constructive suggestion and advice from Malaysia," Xiao added.

She also said to formulate preferential policies, the bureau has defined three aspects which included sharing land development profits, local tax revenue and to strive for early harvest.

"Tax revenue retained for local public finance, in the start-up stage, will be granted to the JV company as follow-up development funds," she said.

In order to promote practical progress in the joint development of QIP, Malaysians enterprises that invest in Qinzhou can enjoy a favorable industrial land price of RM35 per square metre.

QIP, to be sprawled over 50 square kilometres, will be developed over 10 to 15 years close to port and high-tech industries, and have an anticipated population of between 300,000 and 350,000.

By Bernama

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