‘Sky’s the limit’ as Chinese investors come to Sarawak
China State Construction Engineering Corporation (CSCEC) – the world’s third-largest construction company – is coming to Sarawak.
CSCEC is one of three major Chinese corporations that signed key agreements in December 2015 to explore large-scale business and investment opportunities in Sarawak. The others are Blue Ocean Energy (BOE), a clean energy company, and Blue Energy Technology (BET), which provides environmental services.
Sarawak’s Chief Minister, Tan Sri Adenan Satem, and the Chinese Consul General, Liu Quan, witnessed the signing of a detailed Memorandum of Understanding with each of the three companies at a ceremony at the Hilton Hotel, Kuching, on 2 December 2015.
The potential investors are keen to identify opportunities in fast-developing Sarawak in the fields of infrastructure and construction, renewable energy and waste and recycling.
They will carry out their own research and feasibility studies and draw up proposals for discussion with the state government, which will assess their value in terms of both financial backing and technology transfer.
“The sky is the limit, as the state has a lot to offer them, especially in infrastructure development, waste management and natural gas,” Sarawak State Secretary Tan Sri Mohamad Morshidi Abdul Ghani told reporters after signing the agreements.
“They will come back to us and our steering and technical committees will evaluate their proposals.”
CSCEC, which is owned and backed by the Chinese government, has undertaken RM4 billion-worth of contract works in Peninsular Malaysia since opening its first branch here in 2013. The Beijing-based corporation has completed 5,600 projects around the world, in 116 countries, and is currently ranked 37th in the Fortune Global 500.
The importance of the Kuching agreement was underlined by the presence of the top men from the three Chinese companies – CSCEC managing director Lu En, BOE chairman Wu Xingjun and BET’s chairman, Wang Bing – who had all flown to Sarawak to sign the key documents.