Malaysia, China aspire to leverage RCEP to boost trade

Malaysia, China aspire to leverage RCEP to boost trade

15 Mar 2022

Both Malaysia and China aspire to leverage the Regional Comprehensive Economic Partnership (RCEP) agreement to boost trade activities, said Deputy Minister of International Trade and Industry Datuk Lim Ban Hong.

In a statement Tuesday (March 15), he said Malaysia encourages Chinese companies to use Malaysia as a gateway to ASEAN, whereas Malaysian companies can use Guangxi to expand to the Chinese market.

Lim said Malaysia also aspires to enhance the trade and investment ties between Malaysia China Kuantan Industrial Park (MCKIP) and the China Malaysia Qinzhou Industrial Park (CMQIP) through industrial collaboration and to replicate the achievements of the “Two Countries, Twin Parks” model of cooperation.

“Malaysia and the Guangxi Zhuang Autonomous Region are viewing to upgrade the industrial parks collaboration by expanding the model to various other industrial parks in Malaysia,” he said after hosting a virtual meeting with the Guangxi Zhuang Autonomous Region vice-chairman Cai Lixin on Tuesday.

In conjunction with CMQIP’s 10th anniversary, Malaysia will be co-hosting the “Malaysia-China Guangxi Virtual Investment Forum 2022” in collaboration with the Guangxi Zhuang Autonomous region, tentatively in April 2022.

Apart from attracting quality foreign direct investments (FDIs) into Malaysia, Lim also urged private companies and government-linked companies from Malaysia to explore CMQIP and development opportunities in the Guangxi Zhuang Autonomous Region.

Meanwhile, he said the construction of phases two and three of MCKIP are progressing well, where phase three is expected to be integrated with Kuantan Port and the East Coast Rail Line, transforming the area into a vibrant Kuantan Port city.

Over the past decade, MCKIP recorded an accumulated investment worth RM30.1 billion for 19 projects, creating more than 17,000 employment opportunities. 

Source: Bernama