KOTA KINABALU (April 9): Prospective investors coming to Sabah are promised priority attention with the signing of a strategic collaboration agreement between state-owned POIC Sabah Sdn Bhd and China Construction Bank Corporation Labuan Branch (CCBL) in Kuala Lumpur on April 8.
“POIC is on the shoulders of a giant,” POIC Sabah Chairman Datuk Seri Panglima Yong Teck Lee said, referring to CCB’s global presence, history since 1954 and status as the largest commercial bank. in the world.
China Construction Bank Corporation (CCB), headquartered in Beijing, is one of China’s leading large-scale commercial banks. It was listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange. By the end of 2020, the Bank’s market capitalization reached US$191,889 million, ranking fourth among all listed banks globally. The Group ranks second among global banks in terms of Tier 1 capital. Its Labuan branch was established in 2019 and finances several major projects in Malaysia.
The Strategic Collaboration Agreement (SCA) signed at Menara CCB located in the National Capital seems to have an impact on Sabah’s investments, which is the main program of the Sabah Maju Jaya Development Plan 2021-2025. It will also benefit POIC Sabah’s POIC Lahad Datu, which is being developed into an industrial and logistics center for the BIMP-EAGA region.
The SCA envisions CCBL prioritizing the provision of financial services to businesses referred by POIC and enabling them valuable access to CCB’s cross-border business matching platform called CCB MATCH PLUS, while POIC Sabah will facilitate one-stop customer services recommended by CCBL.
The signing coincided with a roundtable discussion on cross-border logistics cooperation between Malaysia and China, which was attended online by more than 50 supply chain management, logistics, e-commerce and manufacturing companies.
Lee Tai Kang, CEO of the Malaysia-China Business Council (MCBC), which brought together the two signatory parties, also highlighted RCEP’s business potential and the fact that China has been Malaysia’s largest trading partner for 13 consecutive years. , reaching RM421. 07 billion, an increase in trade of up to 27% compared to 2020. The two countries celebrate 48 years of diplomatic relations next month.
Hailing POIC Lahad Datu’s vision to become a regional logistics hub, he said Malaysia’s international port and logistics facilities, such as those of POIC Lahad Datu, play a pivotal role in the global supply chain.
“(POIC Lahad Datu) has the capacity for warehousing, distribution, processing and packaging and meets the needs of modern logistics,” Lee said.
Datuk Fredian Gan, CEO of POIC Sabah, also spoke at the signing ceremony. He urged investors to consider the investment prospects at POIC Lahad Datu within the broader context of BIMP-EAGA and the extremely rich natural resources therein.