Nation’s involvement in Belt and Road Initiative strengthens partnership with China — Tengku Zafrul
15 Jul 2024
Malaysia’s confirmation of its involvement in the Belt and Road Initiative (BRI), among the first in Asean to do so, has further cemented its economic partnership with China, said Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz.
He said this has brought about transformative projects that enhance connectivity and economic development.
“Indeed, the business communities of Malaysia and China have been at the forefront of our bilateral relations,” he said in his speech at the launch of the BRI cooperation sharing forum here today.
Tengku Zafrul said Chinese companies have invested significantly in Malaysia, from large-scale infrastructure projects like the East Coast Rail Link to hi-tech industries in special economic zones.
“These investments have created jobs, transferred technology, and boosted Malaysia’s economic growth.
“Likewise, Malaysian companies have also made their mark in China, particularly in sectors such as construction, finance, agriculture produce, and halal food production,” the minister said.
Tengku Zafrul said the second cycle of the Five-Year Programme for Economic and Trade Cooperation (2024-2028) between China and Malaysia is set to further deepen links between the nation’s industries in priority sectors such as hi-tech manufacturing and the digital economy.
“This programme will promote cooperation in automotive manufacturing, digital economy, innovation and startup, financial services as well as research and development in agriculture and primary industries.
“These initiatives will not only drive economic growth but also foster technological advancement and innovation in both our countries,” he added.
Tengku Zafrul said today’s event, organised by the Southeast Asia Research Centre for Humanities, took place as Malaysia and China celebrate a significant milestone — the 50th anniversary of the two nations’ diplomatic relations.
“Over the past five decades, our two nations have fostered a bond that has not only strengthened our economic and business ties but also enriched our cultural and people-to-people connections.
“Today, we celebrate the achievements of the past, recognise the present opportunities, and look forward to a future of even greater collaboration,” he said.
Tengku Zafrul said China has been Malaysia’s largest trading partner for the last 15 consecutive years, with bilateral trade of RM450.8 billion in 2023.
“This robust trade relationship reflects the mutual trust and a shared vision for prosperity between the two countries. Our economic ties are not just about numbers; they represent real benefits for our people,” he said.
Tengku Zafrul said Malaysian exports such as electrical and electronics, mining goods, chemicals and chemical products, liquified natural gas, palm oil, and rubber have been welcomed by China, while Chinese investments in Malaysia have spurred growth in infrastructure, technology, and manufacturing sectors.
China was among the five largest sources of foreign investment into Malaysia in 2023 with a total investment of RM14.5 billion.
From 1980 to 2023, 497 manufacturing projects with participation from China, valued at RM74.2 billion, have been implemented, creating more than 82,000 job opportunities for Malaysians, he added.
Source: Bernama
