Malaysia anticipates deeper collaboration with China in five key sectors — DPM - MIDA | Malaysian Investment Development Authority
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Malaysia anticipates deeper collaboration with China in five key sectors — DPM

Malaysia anticipates deeper collaboration with China in five key sectors — DPM

07 May 2024

Malaysia foresees significant potential for deepened collaboration with China, notably in infrastructure, the digital economy, green development, new energy vehicles, and the rare earth industry, said Deputy Prime Minister Datuk Seri Fadillah Yusof.

He said the Madani initiative, launched in January last year, aligns with the values and principles of the Community Shared Future (CSF) advocated by Chinese President Xi Jinping since 2013.

“Both concepts advocate and promote innovation, care and compassion, inclusiveness and mutual respect. The Malaysia Madani economic framework aims to strengthen national competitiveness by focusing on fiscal sustainability, excellent governance, and effective service delivery.

“Both countries can translate these concepts into reality for the benefit of their people,” Fadillah said in his keynote address during the Malaysia–China Commemorative Forum today.

His speech was read out by Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir, who represented the Deputy Prime Minister.

The event was organised by the KSI Strategic Institute for Asia Pacific in collaboration with the Malaysia China Business Council and China Daily, aiming to mark the 50th anniversary of diplomatic ties and foster deeper economic collaboration between Malaysia and China.

Fadillah also emphasised Malaysia’s leadership in promoting renewable energy through its partnership with China. Both nations are heavily investing in clean technologies such as solar, wind, and hydroelectric power.

He said the Malaysia-China collaboration has expanded beyond technology, with both countries actively participating in knowledge-sharing initiatives to harness the immense potential of green energy.

“Through these initiatives, we strive to reduce greenhouse gas emissions and mitigate the impacts of climate change. By prioritising innovation and sustainable development, Malaysia and China are making significant contributions.

“We are addressing global climate challenges while also unlocking new economic opportunities. This dual approach promotes growth while ensuring environmental stewardship,” Fadillah said.

China has remained Malaysia’s largest trading partner for the past 15 years, with total trade between the two countries reaching US$98.80 billion (RM450.84 billion) in 2023, with imports from China amounting to US$56.69 billion (RM258.63 billion).

These imports predominantly consist of electrical and electronics products, machinery, and chemicals, underscoring the robust economic relationship between the two nations.

Meanwhile, Malaysia-China Business Council executive and acting director Datuk Alvin Tee Guan Pian highlighted an increasing interest among Chinese investors, particularly in the data centre industry.

“Malaysia is among the earliest countries in the region to venture into the digital economy. We established the Multimedia Super Corridor to accelerate the industry’s growth, and as we open our doors to investors, we need to ensure that we meet the local content requirements.

“We must ensure that wherever investors from China come in, the local content contribution is reasonable. We do not want to close our doors, but it must genuinely be a win-win situation,” he said.

Source: Bernama