PETALING JAYA: Malaysian businesses must act quickly to explore and capture the opportunities arising from China’s fast-growing Greater Bay Area (GBA).
LBS Bina Group Bhd managing director Tan Sri Lim Hock San said the GBA, which is China’s most productive geographical area, with a year-on-year GDP growth rate of 7%, is set to be an important pillar for the Belt and Road Initiative (BRI).
The GBA, which spans across 56,000 sq km, and consists of Hong Kong, Macao and nine other nine cities in the Guangdong Province, is expected to become the gateway between China and other economies involved in the BRI initiative.
“There is a lot of potential for Malaysian businesses in this area, but we should not sit around and wait for these opportunities to arise.
“We must be proactive - attend seminars and events relating to the GBA and network with the right people,” he told The Star after a presentation at the Malaysia-China Outlook Forum 2019 here Monday (July 8).
Malaysian businesses, he said, should also make the effort to visit the modern and high-tech companies operating within the GBA, in order to learn from them.
For example, he said, Shenzhen is known for its high-tech manufacturing and innovation capabilities, Guangzhou and Dongguan for its manufacturing strengths, and Hong Kong is an international finance centre as well as a Renminbi hub.
He said the GBA has unique geographical advantages that place it at par with its global peers such as the Greater New York and Greater Tokyo areas.
While the GBA occupies only 0.6% of China’s land area, it accounts for almost 12% of the country’s GDP.
Moving forward, he said, the GDP of the area is expected to hit US$3.6 trillion (RM14.9 trillion) by 2030, which is about 10 times bigger than the Malaysian economy.