MITI facilitates RM13.2 bln in potential investments from China Premier’s visit - MIDA | Malaysian Investment Development Authority
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MITI facilitates RM13.2 bln in potential investments from China Premier’s visit

MITI facilitates RM13.2 bln in potential investments from China Premier’s visit

20 Jun 2024

The Ministry of Investment, Trade and Industry (MITI) has facilitated the exchange of 11 memorandums of understanding (MOU) between Malaysian and Chinese entities with a total potential investment of RM13.2 billion.

Minister Tengku Datuk Seri Zafrul Abdul Aziz said the ministry is pleased to see the government-to-government collaborative spirit “cascading” to the private sector of both countries through the MOUs for numerous high value sectors. “MITI looks forward to seeing these collaborations enhance our economy, including by increasing supply chain resilience, expanding trade in the services sector, and attracting high-quality investments, while also deepening human capital development and people-to-people ties,” he said in a statement today.

The MOU exchange took place in conjunction with the first official visit to Malaysia by China Premier Li Qiang.

The ministry said the MOUs “reflect the continued confidence of the Chinese business community in the strength and sustainability of 50 years of diplomatic relations between Malaysia and China while reaffirming Malaysia’s position as one of China’s key investment and trade partners in the Southeast Asian region.”

“The key MOUs involved several agencies under MITI, including the Malaysian Investment Development Authority (MIDA), the Malaysia External Trade Development Corporation (MATRADE) and the Export-Import Bank of Malaysia Berhad (EXIM Bank Malaysia),” it added.

The MOU between MIDA and China International Capital Corporation Ltd (CICC) aims to strengthen economic and industrial collaboration, focusing on enhancing investment opportunities in high-value sectors and exploring supply chain integration within key industries in Malaysia and China.

MATRADE entered into an MOU with Bank of China (Malaysia) Bhd to strengthen its alliances with international financial institutions as it looks to enhance market access as well as financing options for Malaysian exporters.

EXIM Bank Malaysia’s MoU with the Industrial and Commercial Bank of China (Malaysia) Bhd (ICBC Malaysia) aims to foster and enhance bilateral financial relations.

Other MOUs were between Malaysian and Chinese companies, for collaborations in high-value-added sectors, such as oil and gas, energy, education as well as technical and vocational education and training (TVET), agriculture, automotive and utility services.

Earlier today, after the China and Malaysia Business Community luncheon, Tengku Zafrul said MITI will collaborate closely with its Chinese counterparts to explore and identify potential new areas for industrial park development under the “Two Countries, Twin Parks” framework.

The Two Countries, Twin Parks is a flagship project of national-level investment collaboration and a key project that is part of the Belt and Road Initiative.

The China-Malaysia Qinzhou Industrial Park in Guangxi opened in 2012 and the Malaysia-China Kuantan Industrial Park opened a year later in Malaysia.

“Both countries have agreed that Malaysia and China should not just look at the two countries and twin parks but two countries with multiple parks,” the minister told reporters.

Source: Bernama