SHAH ALAM: Kuala Langat Industrial Hub is set to be one of the largest industrial parks in Selangor following the signing of a Memorandum of Understanding (MoU) between NCT Group of Companies (NCT Group) and Future Inno Park Sdn Bhd.
The site, designated for the electrical and electronics (E&E) industry, will cover some 490 acres, which will be developed by NCT Group, while Future Inno Park will be bringing in international investors.
Present for the MoU was of NCT Group founder Datuk Seri Yap Ngan Choy, Future Inno Park director Datuk Jeffrey Ng Chin Heng and Selangor investment, industry and trade, small and medium industries committee chairman Datuk Teng Chang Khim.
“The Kuala Langat Industrial Hub is poised to take business capabilities to new heights. We are anticipating interest from a lot of big industry players and investors. The MoU today will pave the way to introduce the project to foreign investors in the international market,” said Yap after the signing ceremony.
The Kuala Langat Industrial Hub is located at the border shares between the Kuala Langat and Sepang district. The strategic location is approximately 15km away from KLIA 1 and KLIA 2.
The development of the industrial park is expected to propel Selangor further as a valuable investment destination.
Selangor has long been known as the main investment location in Malaysia and is the perfect gateway to the ASEAN market, said Teng.
“We are ready to supply a strong E&E base, good supporting local engineering supporting cluster and talent to fulfil all investment needs,” he said.
To note, Malaysia has always been dedicated to advocating foreign E&E investments by shaping the country as an ideally competent investment climate.
On the heels of liberalisation of services sub-sectors since 2009, the government has introduced a vast range of incentives and initiatives such as special investment capital allowances and a variety of tax deductions; comprehensive facilities and advanced technologies that entice the foreign investors.
“Many foreign E&E firms are looking to relocate their businesses to Malaysia to diversify production. The Ministry of International Trade and Industry (MITI) reported in June 2020 that it had a pipeline of investment projects worth about US$13 billion.
“The Kuala Langat Industrial Hub is the perfect investment location to feed the demand of these investors. We are excited to collaborate with NCT Group in this matter,” Ng added.