KUALA LUMPUR: More Chinese investors are looking to expand their businesses here as Malaysia continues to be the preferred destination for entrepreneurs from China.
Chinese Ambassador to Malaysia Ouyang Yujing (pic) said amid increasing global economy vulnerability and escalating geo-political tensions, the trade and investment volume between Malaysia and China have bucked the trend and achieved new growth.
According to China’s statistics, he added that bilateral trade between the two nations recorded at US$184.75bil (RM813.51bil) in the first 11 months of 2022, a 18.5% increase on a year-on-year basis.
“China is expected to be Malaysia’s largest trading partner for the 14th consecutive year,” he pointed out in a Bernama report.
According to Malaysia’s statistics, China’s investment ranked top in the first half of 2022, reaching US$11bil (RM48.44bil), accounting for 55.6% of the total foreign direct investment (FDI) in Malaysia, making the nation Malaysia’s most important development partner.
“Malaysia-China relations have been at the forefront of Asean-China relations.
“China will continue to encourage more Chinese enterprises to increase investments to further boost Malaysia’s economic development and industrial upgrading,” he said at the “Ambassador Talk” programme jointly organised by the Malaysian Youth Council (MYC) and the Chinese Embassy here yesterday.
Ouyang said Chinese entrepreneurs here told him they chose Malaysia due to its stable political environment, strategic geo-political location, modern and well-connected infrastructure, as well as good legal system.
“The good people-to-people relations between the citizens of both countries is also one of the factors that attract Chinese investors to Malaysia,” he revealed.
He said that moving forward, Malaysia and China could deepen cooperation in the development of electric vehicles, semi-conductor and chips as well as oil and gas industries.
“China stands ready to work with Malaysia to make good use of these development opportunities.
“We will strengthen economic cooperation, accelerate science and technological innovation, deepen cooperation in all aspects including inter-connectivity, digital economy, green economy, modern agriculture and bio-medicine,” he said.
“We will work together to bring more benefits to the peoples of both countries and contribute more to regional peace and prosperity,” Ouyang added.
As this year marks the 10th anniversary of Malaysia-China Comprehensive Strategic Partnership and while 2024 will be the 50th anniversary of the establishment Malaysia-China diplomatic relations, the Chinese Ambassador also proposed that both countries work out a blueprint in future development.
“We should continue to add and enrich the connotation of Malaysia-China comprehensive strategic partnership and push the relations to new heights,” he said.