Malaysia-China investments set to rise

Malaysia expects to see more investments between Malaysia and China following the signing of a memorandum of understanding (MoU) between the Malaysian Investment Development Authority (MIDA) and the Bank of China.

MIDA Chief Executive Officer, Datuk Azman Mahmud and Bank of China CEO, Wang Hong Wei signed on behalf of their respective bodies, witnessed by Deputy Prime Minister Tan Sri Muhyiddin Yassin during the Malaysia-China captains of industry roundtable meeting here on Tuesday night.

The MoU will pave the way for the bank to refer potential foreign direct investors from China to MIDA while the bank can provide financing packages for successful applicants to facilitate its investment in China.

The Deputy Prime Minister was in China for a six-day official visit accompanied by Minister of Transport, Datuk Seri Liow Tiong Lai and Deputy Minister of International Trade and Industry, Datuk Lee Chee Leong.

Tan Sri Muhyiddin said approved investments from China have touched US$1.46 billion (RM5.03 billion) for the first seven months of the year, surpassing the total investments for last year. Investments from China had increased significantly over the five years from US$10.3 million (RM35.45 million) in 2008 to US$1 billion (RM3.45 billion) in 2013, he said.

He welcomed Chinese investors to explore business opportunities in Malaysia, which has a conducive business environment and recognition by international institutions in various global rankings. Malaysia’s chairmanship of ASEAN in 2015 would bring about benefits to the Chinese business community, particularly those who have established a presence in Asean countries.

The ASEAN Economic Community (AEC) would move towards reducing barriers to trade and investment, making it easier for the flow of goods, services and capital while increasing competitiveness under a common market regime, he added.

In addition, the setting up of a yuan clearing bank had also been agreed upon by the heads of state of both countries, which would facilitate and reduce the cost of doing business, a major boost for the business community, he said.

Tan Sri Muhyiddin also witnessed the exchange of an MoU between Sincere World Land and Development Sdn Bhd and China Construction International Co Ltd for the purchase of a 19-storey hotel as part of the integrated development of The [email protected] World in Iskandar Malaysia in Johor.

Meanwhile, Liow said the Chinese businessmen at the meeting had expressed keen interests to come to Malaysia, a gateway for them to tap the ASEAN and Asia-Pacific markets.

Source NST Business Times and StarBiz 4 Dec 2014

Posted on : 04 December 2014
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Last Updated : Thursday 17th October 2019