Chinese investment into M'sia to exceed US$2bil

KUALA LUMPUR: Investments from Chinese companies into Malaysia is expected to exceed US$2bil this year driven by the establishment of the Malaysia-China Kuantan Industrial Park, said Chinese Ambassador to Malaysia Dr Huang Huikang.

He said China would continue to encourage its companies to invest in Malaysia and this year, a big project would materialise. 

"A big steel plant with a cost of US$1.4bil will be built at the park and upon completion, it will produce 3.5 million tonnes of high quality steel," he told reporters on the sidelines of the Special Meeting of Corporate Malaysia Roundtable on the 40th Anniversary of Malaysia-China Relations.

Huang said so far Malaysian companies have been investing more in China, reaching US$7bil last year, compared with Chinese companies investment in Malaysia, which stood at US$1bil.

However, he is confident that the unbalanced investment between the two countries will improve going forward as China's investment has roughly maintained its momentum.

He emphasised that the Malaysia Airlines Flight MH370 incident on March 8, which carried 153 Chinese passengers, would not jeopardise Malaysia and China's long-term friendship. 

"We have repeatedly said that the MH370 is an incident that can happen to any country and any airline.

"We appreciate the Malaysian government's determination to continue the search and rescue operation until the airplane is found," he added.

The roundtable, organised by the Asian Strategy and Leadership Institute, aims to create a better understanding of Malaysia and China's strategic partnership among the business community.

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