Malaysia-China Kuantan Industrial Park (MCKIP) received a 17.5 billion yuan ($2.74 billion) investment for its circular economy that primarily consists of coke electric aluminum and manganese, and is the biggest investment the industrial park has ever received, officials from Beibu Gulf Port Group announced on Nov 11.

The project will begin construction in 2022, and once operational, it will bring an annual sales revenue of over 35 billion yuan, create 5,000 local job opportunities in Malaysia, and bring prosperity to the local Kuantan Port.

MCKIP is expanding its deep-water port terminal to accommodate ships with 150,000  metric tons of deadweight tonnage and recently received a total investment of $4.78 billion to support the port's growth.

Malaysian officials said that they hope MCKIP will strengthen cooperation in investment projects with competitive advantages such as palm oil, rubber, birds' nests and durian as well as create complementary and mutually beneficial models to develop the industrial supply chain as a means to further enhance Malaysia-China economic and trade relations. 

MCKIP is a major cooperation project between the Chinese and Malaysian governments. It is the first national industrial park in Malaysia, and has recently created the new "two countries, twin parks" model for international cooperation with China-Malaysia Qinzhou Industrial Park.