KUALA LUMPUR, April 5 — Prime Minister Datuk Seri Anwar Ibrahim announced that one of China's RM170 billion investment project in Malaysia will kick start by May this year.

In a post-Cabinet press conference, Anwar described the announcement as "good news” and said that the project will be an impetus for more incoming investments.

"Therefore, the relevant state governments and local authorities must ensure that the processes (involving these projects) will be expedited so that it would not cause problems for the companies involved.

"The regulations must be determined and complied with fully, and the necessary studies must be completed. But don’t take too long,” he said.

He also announced that leaders of two China-based companies namely Zhejiang Geely Holding Group (Geely) and Rongsheng Petrochemical Co will be visiting the country also latest by May.

"Specifically, Geely (projects will be based) in Pahang and Perak, (while) Rongsheng will be in Johor and Terengganu,” he added.

Yesterday, Anwar, who is also the finance minister, said that both Geely and Rongsheng have given their assurance to prioritise giving jobs to locals for their Malaysian plants.

Recently, Minister of International Trade and Industry Datuk Seri Tengku Zafrul Aziz said that Malaysia attracted RM170 billion of potential FDI from China and could have RM2.44 billion in potential exports to China.

It said this was generated by its trade and investment mission to China last week, which involved visits to Beijing and Ningbo City.