Vale projects could attract RM172bil in investments

Teluk Rubiah - Source Google Images

IPOH: The construction of Vale International (Vale) iron ore distribution hub in Teluk Rubiah, Lumut could attract additional related industrial activities of up to RM172bil, 20 times the original amount of investment by Vale.

State Industry Committee chairman, Datuk Hamidah Osman said the project could spin off new investment and business opportunities relating to steel through the development of the regional hub.

“At the moment, several mega steel manfacturing companies who are customers of Vale are starting to look at locating their plants here,” she said when replying to a question by Sum Cheok Leng (DAP-Bercham) at the Perak State Legislative Assembly sitting, here Friday.

Hamidah said the allegations that Perak was the last choice of Vale for the project was incorrect as the company decided to investment in Malaysia with three states, namely Selangor, Malacca and Perak as possible location.

Apart from that, she said the issue of decreasing investment in Perak did not arise as the state recorded increasing investment from RM3.0RM3.04bil in 2010 to RM9.94bil in 2011.

– Bernama

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