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Malaysia, China sign 11 MoUs for future projects

Malaysia, China sign 11 MoUs for future projects

28 Apr 2022

Malaysia and China have signed 11 memorandums of understanding (MoU) to promote future collaboration in the industrial parks of Malaysia-China Kuantan Industrial Park (MCKIP) and China-Malaysia Qinzhou Industrial Park (CMQIP) in the first-ever virtual investment forum held in Malaysia.

It is part of the efforts to expand the industrial park collaboration between the two countries, as well as to explore new opportunities in the Regional Comprehensive Economic Partnership (RCEP) implementation.

The event was jointly organised by the Ministry of International Trade and Industry Malaysia (MITI), the People’s Government of Guangxi Zhuang Autonomous Region, the Malaysia-China Kuantan Industrial Park Sdn Bhd and the China-Malaysia Qinzhou Industrial Park administrative committee.

Titled “Two Countries, Twin Parks: Sharing Opportunities of the RCEP Implementation, Forging Cross-Border Industrial Chains”, the forum was attended by more than 800 Malaysian and Chinese industry leaders from business chambers and associations, government-linked agencies, investment bankers, and small and medium enterprises.

The event also commemorates the 10th anniversary of the establishment of the CMQIP.

In his keynote address, Deputy MITI Minister Datuk Lim Ban Hong said, “Over the years, under the ‘Two Countries, Twin Parks’ initiative, both industrial parks have progressed substantially, with MCKIP featuring among the largest foreign direct investment recipient in Malaysia, while CMQIP attracted investments from various parts of the world.”

“More importantly, the collaborations have created substantial spinoffs to the local industries including transport and logistics, retail, port-related services as well as businesses and local community,” he said, adding that Malaysia aspires to enhance the trade and investment ties between MCKIP and CMQIP through industrial collaboration and to replicate the achievements of the “Two Countries, Twin Parks” model.

According to him, Malaysia and Guangxi Zhuang Autonomous Region are considering of upgrading the industrial park’s collaboration by expanding the model to various other industrial parks in Malaysia.

“Malaysia and China through the industrial parks are also exploring to adopt the best practices in industrial innovations to value add and increase the economic complexities of Malaysian export products,” he added.

Guangxi Zhuang Autonomous Region VP Cai Lixin, in her remarks, said Guangxi is taking the opportunities to jointly build the New Western Land-Sea Corridor, the leading programme related to the overall development situation, and the Beibu Gulf International Gateway Port, the transfer hub, to expand the high-level opening to the outside world and serving the construction of a closer China-Asean community with a shared future.

“As China and Asean are the largest trading partners of each other and RCEP comes into effect,

Guangxi’s advantages in geography, resource, and policy will be further highlighted, providing a broader stage for all parties, including Malaysia, to deepen cooperation and achieve mutual benefit and win-win results,” she said.

She also noted that the RCEP will provide an opportunity to strengthen the existing bilateral relations and explore new areas of cooperation.

To strengthen investment crossflows between the two corridors, Cai encouraged Malaysian companies to leverage the RCEP agreement and for Chinese companies to use Malaysia as a gateway to Asean market, and likewise, Malaysian companies to utilise Guangxi, further expanding into the huge China market.

Noting that Malaysia will commemorate the 10th anniversary of MCKIP in 2023, Pahang state secretary Datuk Sallehuddin Ishak reiterated that the state will continue to facilitate the operations of MCKIP, including the ongoing construction of the second and third phases of MCKIP which will see the integration of MCKIP with Kuantan Port and East Coast Rail Link.

Source: The Malaysian Reserve

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