Record RM170b worth of investment commitment from China
Published on: Sunday, April 02, 2023
By: Bernama
Anwar (sixth, left) witnessing the signing ceremony of one of the MoUs.
BEIJING: Malaysia has secured a record RM170 billion worth of investment commitment from China.The amount, the biggest so far from China, is from a total of 19 memoranda of understanding (MoU) sealed between businesses in China and Malaysia.
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Prime Minister Datuk Seri Anwar Ibrahim said this showed the confidence of the investors in the country.
“We have achieved the commitment of RM170 billion in investments from China. I must thank the investors for giving their cooperation and for giving us confidence.
“This is historic. It is good for Malaysia and the future,” he said when announcing the news at the Malaysia-China Business Forum, which was attended by some 1,000 business leaders from both countries, here, Saturday.
The Prime Minister is currently on the last of his three-day visit here to deepen the strategic bilateral political and trade relationship with China.ADVERTISEMENT.jpg)
Earlier, in his keynote address at the forum, Anwar urged Chinese investors and business leaders to leverage the strong bilateral ties and seize the vast opportunities being offered by the current government to invest in Malaysia.
“I assure you that under my watch, we will ensure that the ease of doing business and undertaking investments in Malaysia will be at the optimal level.
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“So, build more partnerships with Malaysian companies, particularly in strategic sectors to advance deeper inter-linkages,” he said.
China remained Malaysia’s largest trading partner for 14 consecutive years, with total trade of US$110.6 billion (RM488 billion) in 2022.
On the investment front, China was the biggest foreign direct investor in Malaysia last year, with investments amounting to US$12.5 billion (RM55.16 billion).
According to statistics from the Foreign Affairs Ministry, total exports to China increased 9.4 per cent to RM210.62 billion (US$47.84 billion) in 2022, while total imports from China stood at RM276.50 billion (US$62.78 billion) in the same year, or an increase of 20.7 per cent compared to the previous year.
Anwar, who is also the Finance Minister, said Malaysia’s position as the preferred investment destination has been solidified further with the presence of renowned Chinese companies such as Risen Energy, Huawei, Longi Solar, Bytedance, Jinko Solar, EVE Energy, Alliance Steel, Alibaba Group, Geely Auto Group, Xiamen University and many others.
“It is my hope that these companies, which have invested in strategic areas, will continue to expand their presence and work with local partners as well as the government to build new capabilities, develop key industries, and create high-paying jobs for Malaysians,” said the Prime Minister.
He said Malaysia will continue to work with China in deepening the existing cooperation in the Belt and Road Initiative (BRI) and to expand economic cooperation in new growth areas such as green development and digital economy.
On the regional front, he said Malaysia will work closely with other Asean member states to ensure that the Asean-China Free Trade Area (ACFTA) benefits all parties involved.
He said the timely upgrade of the ACFTA will not only deepen trade and investment within the region but also broaden economic benefits with the inclusion of new sectors, namely, digital economy, green economy, competition and consumer protection, as well as micro, small and medium enterprises.
“At the same time, the Straits of Malacca will be kept free and safe for economic and trade flows and international stability. It is our moral and historical duty to keep it that way,” he said.
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