KUALA LUMPUR: Tokyo-based real estate group Mutsui Fudosan Co Ltd will be participating in the Kulim Logistics Hub logistics facility project in Kedah via a joint venture with PKT Logistics Group Sdn Bhd.

In a statement, Mitsui Fudosan said the JV between the two parties, called Kulim Logistics Hub Sdn Bhd, will promote the Tokyo group's first-ever logistics facility project in Malaysia.

"Malaysia has a highly promising market for Mitsui Fudosan’s logistics business given prospects of mounting demand for logistics facilities going forward, which is due to factors that include ongoing growth in the nation’s population and economy, as well as a high trade volume level comparable to that of Thailand," said the group in a statement.

It added that it aims to achieve further overseas business expansion by continuing to promote its logistics business in Malaysia going forward.

According to Mitsui Fudosan, the logistics facility project is located along the Butterworth-Kulim Expressway (BKE), which offers convenient access to Penang Port and Penang International Airport.

It is also situated in proximity to Kulim Hi-Tech Park (KHTP), which serves as a hub for electrical and electronic industry factories centered around semiconductors, as well as automotive-related factories.