The commitment was sealed by Malaysian company Thong Guan Industries Bhd, one of the largest plastic producers in the Asia Pacific, in their lot reservation agreement signed in Penang, Malaysia, on Monday (March 3), according to a statement from the Indonesian Consulate General in Penang.
Consul General Wanton Saragih stated that the commitment resulted from the persistent efforts made by his side to engage Thong Guan and promote investment in Indonesia since April 2024.
He noted that these promotional efforts, carried out in areas under his jurisdiction since early 2024, aim to help bolster investment realization in Indonesia, foster economic growth, and create new job opportunities for the people.
As one of the largest plastic factories in the Asia Pacific, Thong Guan can produce up to 150 thousand tons of plastic products annually and recorded RM1.2 billion in revenue annually.
According to the Consulate General's statement, the company planned to establish a 5-hectare factory at the industrial park to produce plastic wrap and film for domestic and global markets.
Meanwhile, Thong Guan managing director Dato' Ang Poon Chuan stated that his company is keen to invest in Indonesia for its market potential and, in particular, appropriate facilities and infrastructure available at KITB.
"We see KITB as a strategic partner that can support our vision to expand our business globally, especially in Indonesia, as one of the largest markets," he remarked.
"World-class facility and government support make KITB an attractive choice for us," Ang added.
The reservation agreement was inked between Ang Poon Chuan, representing Thong Guan Industries Bhd., and Indri Septa Respati, Batang Integrated Industrial Estate's director for marketing and development.
The signing ceremony was witnessed by Consul General Saragih and Director of the Indonesia Investment Promotion Center in Singapore Andria Buchara, who represented the Ministry of Investment and Downstreaming Policies.
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Translator: Virna P Setyorini, Nabil Ihsan
Editor: Azis Kurmala
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