Area's Unit, Shenzhen Govt Procurement Association Ink MoU To Promote US$20 Bln Flagship Project

KUALA LUMPUR, April 11 (Bernama) -- The Area Group’s subsidiary Area Real Estate Advisory Sdn Bhd has signed a heads of agreement and memorandum of understanding (MoU) with China’s Shenzhen Government Procurement Association to jointly promote the region’s US$20 billion (US$1=RM4.42) flagship project, the “Two Countries, Twin Parks” initiative. 

In a statement, the group said the Twin Parks initiative’s collaborative partners for this flagship project are the Pentas Industrial City in Delapan Special Border Economic Zone, Kedah and Compass in Kuala Sri Langat Industrial Park in Selangor.

The group’s executive chairman Datuk Stewart LaBrooy said the MoU is a testament to the unwavering friendship and shared ambition between both countries, with the bold vision of US$20 billion in strategic investments.

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“This project will redefine industrial collaboration, introducing the latest industrial park concepts, driving investments in Malaysia by Shenzhen’s industrial community, encouraging technology exchange, and unlocking unprecedented opportunities for growth.

“Shenzhen’s remarkable journey from a fishing village to a global innovation hub mirrors Malaysia’s own aspirations under the MADANI Economy and the New Industrial Master Plan 2030,” he said.

Together, both entities will leverage China’s supply chain strength and Malaysia’s strategic gateway position to create a win-win future, he added.

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The group said the “Two Countries, Twin Parks” initiative rests on five transformative pillars and areas of cooperation, namely job creation, technology transfer, investment promotion, industrial collaboration and economic growth.

It recently led a Malaysian delegation comprising senior representatives from Permodalan Nasional Bhd, Invest Kedah Bhd, Invest Selangor Bhd and others for a three-day visit programme to Shenzhen hosted by the association.

-- BERNAMA