MUAR, Oct 10 -- Muar Furniture Park (MFP), developed by Johor Corporation (JCorp) to be a key driver for the Muar furniture industry, developed by Johor Corporation (JCorp), is no longer facing difficulty to attract industry players.
JCorp president and chief executive officer, Datuk Kamaruzzaman Abu Kassim, said this was because the government had given its assistance to facilitate industry players in obtaining bank loans.
"The industry players were facing difficulty in obtaining loans from financial institutions that viewed the wood and wood-based products as a sunset industry, with no bright prospects, resulting in tighter procedures in processing the loan applications," he said in a media briefing after the declaration of the completion of MFP's first industrial land platform today.
Earlier in his speech, Kamaruzzaman said MFP, spanning 400 hectares, was Malaysia's first integrated furniture hub and was expected to be fully operational in 2024.
"MFP has allocated 214 hectares for industrial lots while 45 hectares was for commercial lots. Development works are expected to be completed in June 2020. To-date, 74 per cent of the earthworks, drainage and roads have been completed,” he said.
He said with the collaboration between MFP and JCorp, 124 furniture companies from Muar, which are also MFA members, had signed sale and purchase agreements involving industrial land of 148 hectares as well as two Bumiputera companies had taken two hectares. This comprises 70 per cent of the total industrial land developed by MFP.
Meanwhile, Johor Menteri Besar Datuk Dr Sahruddin Jamal, who officiated the event, said he hoped MFP could spur the development of the country's furniture industry and become a role model for other states in furniture production.