PETALING JAYA: China’s Pacific Construction Group Ltd (CPCG) will lead a consortium of investors to invest some RM3bil in Terengganu over the next five years for infrastructure development, including industrial parks, free trade zones and affordable housing.

In a statement yesterday, CPCG’s Malaysian subsidiary, CPCG Holdings Sdn Bhd, said it had signed a memorandum of understanding (MoU) with Terengganu Jiangsu Trade Organization (TJTO) for the planned investment at the 16th China-Asean Expo 2019.

CPCG Holdings director Zhou Ya Dong said: “This strategic investment is in line with the Chinese government’s pursuit of the ‘One Belt, One Road’ initiative, as well as the East Coast Rail Link.

“We aim to complement these initiatives to enable Terengganu to develop a vibrant and dynamic economy, and foster shared prosperity for those living in the state.”

The MoU was signed between Zhou and TJTO president Tengku Iskandar Tengku Hashim, and witnessed by CPCG chairman Yan Hao and Tengku Sri Paduka Raja Tengku Ibrahim Ibni Sultan Ismail.

CPCG is ranked in the Fortune Global 500 with a total revenue of RM319bil in 2019.