Johor Attracts Potential US$190 Million Investments from South Korean Companies
Meeting with Prominent South Korean Companies
The Johor government has recently held meetings with several renowned South Korean companies, which have the potential to bring in strategic investments valued at US$190 million (US$1=RM4.38) into the state. Menteri Besar Datuk Onn Hafiz Ghazi, who is on a four-day working visit to Seoul starting October 28, led a state government delegation that met with companies such as Hanwha Solutions Corporation, a Fortune Global 500 multinational known for innovations in clean energy and chemicals.
Meeting with SPC Group and CJ CheilJedang Group
The delegation also met with global food company SPC Group, which has famous franchise brands such as Paris Baguette, as well as CJ CheilJedang Group, producer of halal Korean food in Malaysia. Onn Hafiz said that these potential investments would create high-income jobs as well as economic spillover and development that would enhance the prosperity of the people in Johor.
Confidence in Johor’s Potential
"I believe all these companies have confidence in Johor’s potential as a strategic investment destination. Johor offers not only huge business opportunities but also a conducive ecosystem for long-term growth given its (strategic) position and continued support," he said.
JS-SEZ Development
The delegation also participated in a seminar to discuss potential investment opportunities in Johor, especially in view of the development of the Johor-Singapore Special Economic Zone (JS-SEZ). The seminar, titled "Unlocking regional growth: Business opportunities in JS-SEZ", saw the participation of 83 renowned Korean companies from various industries, thus becoming a strong platform to promote Johor as a top choice for investors who seek a strategic and sustainable destination.
State Government Initiatives
At the seminar, Onn Hafiz shared various strategic initiatives that the state government is or will be implementing with the cooperation of the Federal Government in relation to the JS-SEZ development in order to attract high-quality investments. These include the setting up of the Invest Malaysia Facilitation Centre Johor (IMFC-J) as a ‘one-facilitation centre’ and the development of the Johor Talent Development Council (JTDC).
Confidence in Johor’s Potential as a Springboard
Onn Hafiz also expressed confidence that Johor is the right springboard for investors to expand their business in the ASEAN region due to its strategic position as well as the attractive incentives offered by JS-SEZ, in addition to providing broad growth opportunities and direct access to the global market, which make it an ideal choice for long-term investments.
Conclusion
The state government’s efforts to attract investments from South Korean companies are paying off, with potential investments totalling US$190 million. Johor’s strategic position and conducive ecosystem make it an attractive destination for investors seeking a long-term growth strategy.
Frequently Asked Questions
- What is the potential value of investments from South Korean companies?
- US$190 million
- Which companies did the state government delegation meet with?
- Hanwha Solutions Corporation, SPC Group, and CJ CheilJedang Group
- What is the goal of the state government’s initiatives?
- To attract high-quality investments and promote long-term growth
- What is the Johor-Singapore Special Economic Zone (JS-SEZ)?
- A strategic zone for investment and growth in the region