Malaysia welcomes China’s high technology, knowledge and capital intensive investments
20 Nov 2020
Malaysia welcomes investments from China’s high technology, knowledge and capital intensive ventures, as such investments are instrumental in driving economic reformation amidst the Covid-19 pandemic, said the Malaysian Investment Development Authority (MIDA).
In a statement today, the agency noted that in the first nine months of 2020, China had invested RM16.8 billion in Malaysia’s manufacturing sector, involving 58 manufacturing projects.
It added that the country remains as one of Malaysia’s largest trading partners and is one of the country’s top foreign direct investment source.
Meanwhile, MIDA said the agency, together with the Ministry of International Trade and Industry (MITI), had successfully organised the “Malaysia-China Business Forum: New Normal, New Opportunities” on Nov 18.
The forum was organised in collaboration with the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) and China Construction Bank (CCB).
Speaking at the forum, MIDA chief executive officer Datuk Azman Mahmud said the government is strengthening Malaysia’s investment environment by introducing multiple economic stimulus plans and incentive measures to withstand the challenges posed by the Covid-19 pandemic.
He said Malaysia welcomes investments by Chinese companies, particularly those specialising in automated machines and robotics, aerospace and aeronautical, biopharma and medical devices, advanced information technology and new energy vehicles, among others.
“It will undoubtedly be instrumental in pushing our economic reformation despite the pandemic,” Azman said.
Going forward, MIDA said Malaysia is looking to strengthen its regional connectivity with China to complement each other’s advantages and expand bilateral trade and investment.
In his keynote address at the event, MITI deputy minister Datuk Lim Ban Hong said there is a need for mutually beneficial and sustainable growth partnerships, not only between China and Malaysia but also beyond to enable dynamic economic development.
“The signing of the historic Regional Comprehensive Economic Partnership (RCEP) agreement is significant towards realising a free and open international economic order.
“It reflects our strong commitment to international trade, connectivity, rule-based multilateral trading systems and enhancing the free flow of trade and investments,” he said.
Lim said the implementation of the agreement will help to ensure the opening of markets, as well as an uninterrupted supply chain including the establishment of greater trade integration and diversifying of production networks with China.
Source: Bernama Posted on : 20 November 2020