KUALA LUMPUR: China's Shenzhen Shenyue Joint Investment Co Ltd (Shenzhen Shenyue) has partnered with Malaysia's Iskandar Waterfront Holdings (IWH) and PLS Plantations Bhd to develop a Johor-Shenzhen Industrial Park and Innovation Hub in Johor.

The collaboration was formalized through a memorandum of understanding (MoU) signed by the three parties, marking a significant milestone in enhancing economic cooperation between Malaysia and China. 

The MoU will facilitate the parties to explore further, discuss, prepare and plan the going forward actions for the project.

PLS group is the land owner of one of the identified locations for the project. 

The proposed 405-hectare industrial park in Ulu Sedili in Kota Tinggi district and the proposed 20-hectare innovation hub in Johor Bahru are expected to be the new catalyst project in Johor.

PLS executive chairman Tan Sri Lim Kang Hoo said the two projects would ride on the industrial wave in the state being spurred by the recently-announced Johor-Singapore Special Economic Zone and the coming onstream of the Johor Bahru-Singapore Rapid Transit System by 2026. 

"These two projects are a positive value proposition for Johor and will attract interests from businesses, both domestic and foreign," he said, noting that Johor was now on a dynamic growth trajectory. 

According to IWH, the proposed industrial park, about the size of 1,000 football fields, will be one of the largest purpose-built fully integrated new industrial estates in Johor.

This will be designed to provide companies with offices and production facilities, as well as related support services, to promote industrial development and collaboration. 

"This will be supplemented by the Johor-Shenzhen Innovation Development Hub to be set up within the Johor Bahru central business district, which will provide resources and support for innovative activities and research and development initiatives in Johor," it said in a statement.