1 Jun - 6 min read
As the global economy resumes to recover from the pandemic, businesses continue to seek new ways to innovate and grow. This may mean realigning investment strategies or taking a completely new approach in the way they do business. For heavy industries such as Oil & Gas, Clean & Renewable Energy, Petrochemical, and Electrical & Electronic Energy, perhaps having a plant that’s more in sync with business requirements and goals may play an imperative role in achieving greater success.
For investors looking to be part of a growing and promising heavy industries hub, Kertih Terengganu Industrial Park (KTIP) should definitely be one to consider. KTIP is a heavy industrial land consisting of 1,007 acres on 99-year leasehold land. A joint venture between Terengganu Inc, TI Properties Sdn Bhd and Retro Court Sdn Bhd, KTIP is set to become a fully integrated bio-economy hub for biopolymer and bio-based chemical products with vast potential.
Investors who choose to set up their operations in KTIP will enjoy many benefits, including the 6 listed below:
One of the issues commonly faced by investors during the establishment of a new industrial plant is obtaining approval from local authorities. When applications take a long to approve, it may disrupt the operational schedule prepared for the project and cause unwanted delays to the business.
In tackling this issue, the Terengganu State Government will create a “fast track” committee to assist investors with approval requests. The committee will monitor all applications as well as provide assistance as required to ensure projects are executed on time, hence taking the burden off the investor’s shoulders.
The East Coast region is supported by the Federal and State governments to enhance development and transformation under the East Coast Economic Region Development Council (ECERDC). In line with this, investors are offered various generous tax incentives to set up their industrial plants in KTIP. These savings could offset any cost incurred when setting up and instead be repurposed for R&D or reinvested in different areas of the business.
On top of that, the cost to set up in KTIP is priced competitively, both in terms of land and labour. When compared to its west coast counterparts, it proves to be more affordable to be based in this region, which further drives savings for investors.
For businesses looking for international growth, KTIP may be the ideal place to set up in. Its position extends to the Asia-Paciﬁc, European, American, and Far East markets, which means expanding horizons beyond the region is definitely within reach.
Besides that, when operating from KTIP, investors can also benefit from the upcoming double-track railway link infrastructure. The East Coast Rail Link (ECRL) will link the East Coast to Port Klang while passing through other states – making it convenient for passengers and goods to travel to and fro both ends.
KTIP also maintains easy access to all main roads and highways, including those that lead to airports. The highly integrated road connectivity will be able to accommodate the transportation of bulk goods to meet every business’s expectations. Another key accessibility is that Kertih Port is only located 6KM away from KTIP, which means access to the seaport is very convenient. Therefore, whether goods that need to be transported are packed in secure drums or highly durable vessels, KTIP’s accessibility to land, sea, and air transport should not pose any major issues.
Sprawling over 1,007 acres, KTIP offers investors the opportunity to construct a factory or plant design that suits their business with room for expansion in the future. In fact, investors can tailor the size of their take-up land to their liking as those that choose to set up in KTIP are able to customise the size and shape of the land they wish to secure.
This not only reduces the possibility of land wastage but also provides customisability and optimised space for each business. If expansion is highly likely in the near future, having land that can be tailored to those plans might be very helpful, as moving an already established factory or plant involves a lot of costs, labour, and procedures.
Besides having a location that makes business operations more convenient, KTIP also offers a pool of multilingual talent and workers. Not only are they equipped with relevant knowledge, but they are trained and upskilled by the Asia Center of Excellence of Smart Technologies (ACES) through Industry 4.0 programmes.
This would be convenient for investors looking to hit the ground running as soon as they set up their industrial plant in KTIP, especially because relocating workers and finding suitable candidates might take up valuable time that could otherwise be used for productivity. The state government assures a highly-skilled workforce to ensure Terengganu’s O&G industry area remains the preferred location for investors.
Another reason to consider setting up in KTIP is the opportunity to materialise your plant’s build with MGB. Instead of having exact replicas of facades and buildings, MGB can help create the industrial hub that investors have envisioned for their businesses. Investors can submit development plans that are aligned to their outlook, and once the building plan has gotten approval, construction will then commence. This provides investors with the room to create a space that is uniquely theirs.
Setting up a new factory or industrial facility is not as simple as many would like it to be. It involves a lot of considerations such as cost, location, features, and accessibilities, just to name a few. However, being based in KTIP allows businesses to be part of a growing, fully-integrated hub with potential development opportunities.
KTIP’s ideal location makes business operations seamless regardless if goods need to be transported in or out, via land, air, or sea. Besides that, investors will enjoy tax incentives, the flexibility of customising their own plant, access to a skilled workforce, as well as the chance to build a plant that complements the business.
If you’re interested in setting up your operations in Kertih Terengganu Industrial Park (KTIP), visit the website for more information.
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world