China ready to invest RM$ 11 Billion in Sarawak Corridor of Renewable Energy ( SCORE ) .

12Jan10

China with its huge reserves of foreign exchange , its has the funds to invest outside China . This is the reason behind  1Malaysia Development Bhd (1MDB) and State Grid Corporation of China (SGCC) sealing  an agreement to jointly venture into major projects in the Sarawak Corridor of Renewable Energy (SCORE).

We have blogged about this sometime ago .

What does this means to us the SME ? For obvious reasons some of the Projects they are talking  are huge and too much for us to do . Please allow us to play a role in the contracts even if it is a small one .

By the way , time for us to take our Bahasa/English / Mandarin Dictionary out, clean it up as we may need it to check on certain words when we talk to those from China  . Who said learning Mandarin is useless ?

Below are the details of the JV .

Borneo Post (  http://www.theborneopost.com/?p=4070 )  has the following report :

1MDB is wholly-owned by the Malaysian government, set up recently to drive strategic initiatives for long-term sustainable economic development and promote foreign direct investment into the country while SGCC is China’s leading power transmission and distribution company.

A cooperation framework agreement was signed between them, witnessed by Najib, here yesterday.

Present were Sarawak Chief Minister Pehin Sri Abdul Taib Mahmud, Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop, SGCC president and chief executive  officer Liu Zhenya and  IMDB chairman Tan Sri Che Lodin Wok Kamaruddin.

“I see this cooperation  as the beginning of a win-win partnership towards the development of catalytic projects in SCORE that will benefit the two companies as well as stimulate long term economic growth in Sarawak and Malaysia.

“The entry of SGCC and its significant investment in SCORE will be an added boost to economic ties between China and Malaysia,” Najib said. He said this would pave the way for more substantial investments from China and globally into Malaysia.

He believed that SGCC’s confidence in Sarawak would inspire even more confidence in Malaysia as the preferred investment destination among global investors.

Najib also said that he was impressed with the speed at which 1MDB and SGCC reached the agreement.

“When I visited China in June last year to renew our commitments to friendship and economic ties between China and Malaysia, there was an expression of interest by the Chinese in possible ventures in SCORE.

“This interest was crystalised when the Chinese President Hu Jintao visited Malaysia in November last year.

Borneo Post (  http://www.theborneopost.com/?p=4070 )  has the following report :

1MDB is wholly-owned by the Malaysian government, set up recently to drive strategic initiatives for long-term sustainable economic development and promote foreign direct investment into the country while SGCC is China’s leading power transmission and distribution company.

A cooperation framework agreement was signed between them, witnessed by Najib, here yesterday.

Present were Sarawak Chief Minister Pehin Sri Abdul Taib Mahmud, Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop, SGCC president and chief executive  officer Liu Zhenya and  IMDB chairman Tan Sri Che Lodin Wok Kamaruddin.

“I see this cooperation  as the beginning of a win-win partnership towards the development of catalytic projects in SCORE that will benefit the two companies as well as stimulate long term economic growth in Sarawak and Malaysia.

“The entry of SGCC and its significant investment in SCORE will be an added boost to economic ties between China and Malaysia,” Najib said. He said this would pave the way for more substantial investments from China and globally into Malaysia.

He believed that SGCC’s confidence in Sarawak would inspire even more confidence in Malaysia as the preferred investment destination among global investors.

Najib also said that he was impressed with the speed at which 1MDB and SGCC reached the agreement.

“When I visited China in June last year to renew our commitments to friendship and economic ties between China and Malaysia, there was an expression of interest by the Chinese in possible ventures in SCORE.

“This interest was crystalised when the Chinese President Hu Jintao visited Malaysia in November last year.



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