Wee: High income status achievable via Belt and Road initiative

  • Nation
  • Thursday, 17 Nov 2016

MALACCA: Malaysia can learn from China's skill in attracting and profiting from the knowledge and skills of its human capital.

Minister in the Prime Minister’s Department Datuk Seri Dr Wee Ka Siong said China is building not just a high-income economy but an innovative one driven by strong domestic consumption.

“China’s leadership is building on ambitious growth targets based on equality, efficiency and evaluation. We need to emulate this trait.

“The only way to a high-income economy is to place greater emphasis on attracting high value investments that drive science-based applications, technology and intellectual property,” he said at the opening of the 8th World Chinese Economic Summit here on Thursday.

He said Malaysia, through its participation in China’s Belt and Road initiative, will be able to achieve its aim of becoming a high-income economy by 2020.

"Enormous opportunities across all sectors, including transportation, tourism, trade and education, will be created for Malaysia," Dr Wee added.

“China can appeal to a variety of demographics within Malaysia. By utilising the diversity and skills of the multi-ethnic Malaysian workforce, China can further capitalise on business ventures in the region.

“This can include leveraging the country’s Mandarin-speaking citizens in order to effortlessly conduct business or using Malaysia’s large Muslim population to expand investment into the Middle East,” Dr Wee said.

One of the projects to emerge from the Belt and Road initiative is the Malacca Gateway that attracted an investment of RM43bil from China.

China’s southern province of Guangdong, which last year established relations with Malacca, has also expressed interest to invest RM8bil in an energy project in the state, creating 5,000 to 20,000 jobs for the locals.

"With endless possibilities and a multitude of different investment areas, the bilateral relations between Malaysia and China will be of great importance in the coming years as the Belt and Road gains momentum,” Dr Wee said.

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