JOHOR BARU: Johor Petroleum Development Corporation Bhd (JPDC) is focusing on investors from China, Japan and South Korea to invest in petrochemical-related industries in the Pengerang Integrated Petroleum Complex (PIPC).

CEO Mohd Yazid Ja’afar said the PIPC project, which would generate billions of ringgit in investments, was expected to be operational in 2019.

“However, the Chinese investors that we are focusing on are those in the second tier, not the first tier. 

“The first tier consists of big companies that have ventured into the United States market and others... the second tier investors are already big to us,” he said to reporters after the signing of memorandum of understanding (MoUs) between JPDC and four agencies aimed at providing financing facilities to small bumiputra entrepreneurs here late Wednesday.

He said focus was given to the three countries as they have high technology that could be shared with Malaysian companies. 

Meanwhile, the four agencies involved in the MoUs are Bumiputera Agenda Steering Unit of the Prime Minister’s Department, SME Corporation Malaysia, Credit Guarantee Corporation Malaysia Bhd and SME Bank Malaysia Bhd.

Mohd Yazid said the MoUs were aimed at providing financing facilities to the small bumiputra entrepreneurs to help them start a business or as additional capital to expand their respective businesses.

However, the funding allocation for this purpose had not been finalised, he said. – Bernama