(Yicai Global) March 16 -- Qingdao Luhaifeng Food Group Co. will invest MYR3 billion (USD675 million) in the state of Kedah in northern Malaysia to build an integrated agricultural and fishing park and create an international fishing port connecting China and the Indian Ocean in the next 10 years.
Marine produce from across the world will arrive at Kedah in the future, Singapore United Morning Post cited Huang Huikang, Chinese Ambassador to Malaysia, as saying.
Fishing boats at the port in Kedah still use outdated equipment made in the 1960s, Huang said, adding that the industrial park can help bring in modern Chinese-made glass and steel ships so fishers can increase output by catching fish from deeper waters. It can also help improve refrigeration technologies and seafood processing, he said. Huang sees the Luhaifeng-Kedah Integrated Agricultural and Fishing Industrial Park as a major investment project for capacity cooperation in the 21st Century Maritime Silk Road Initiative, and believes that the location will become a world-class fishing port two years after the park is set up.
It is a fair and mutually beneficial project that will help Kedah and the company, he added.
The industrial park will comprise a commercial fishing port, trading market, cold storage base, processing base, commercial and administrative offices and accommodation, training and recreation areas.
Qingdao Luhaifeng is a conglomerate focusing on marine investment, aquatic product processing, logistics and marine ranches, with businesses covering shipping, port operation, warehousing, logistics, hotels, restaurants and high-end recreational and travel services.