Miti says potential RM13.2bil investment from China in the making

PETALING JAYA: In conjunction with China Premier Li Qiang’s first official visit to Malaysia, the Investment, Trade and Industry Ministry (Miti) announced on Thursday that it has facilitated a total potential investment of RM13.2bil from China.

This was achieved through the signing of 11 Memoranda of Understanding (MOU) between Malaysian and Chinese entities, as witnessed by Miti minister Tengku Datuk Seri Zafrul Abdul Aziz and his counterpart Wang Wentao, who is the Commerce Minister of China.

“We are pleased to see the G2G collaborative spirit cascading to the private sector of both countries, through the exchange of MOUs valued at RM13.2bil in 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,” said Tengku Zafrul.

MITI said the key MOUs involved several agencies under the ministry, including the Malaysian Investment Development Authority (Mida), the Malaysia External Trade Development Corporation (Matrade) and the Export-Import Bank of Malaysia Berhad (Exim Bank).

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

One of the key MOUs signed was between Mida and the China International Capital Corporation Limited (CICC), which aims to strengthen economic and industrial collaboration and enhance investment opportunities in high-value sectors, among others.

Matrade also entered an MOU with Bank of China (Malaysia) Berhad to strengthen its alliances with international financial institutions while looking to improve market access and financing options for local exporters.

Another key MOU is between Exim Bank and the Industrial and Commercial Bank of China (Malaysia) Berhad (ICBC Malaysia), which aims to foster and enhance bilateral financial relations.

Tengku Zafrul said Li’s visit to Malaysia heralds a new chapter in Malaysia-China bilateral ties.

“Malaysia’s commitment to further strengthen our robust economic ties lies in the signing of the Five-Year Programmes for Economic and Trade Cooperation between Malaysia and China, as well as the expanded scope of both countries’ economic cooperation to include digital economy and green development,” he said.

Li’s inaugural official visit to Malaysia commenced on Tuesday (June 18) and concluded on Thursday (June 20).

The visit also coincides with the 50th anniversary of Malaysia-China diplomatic relations following the signing of the Joint Communiqué between Malaysia’s then Prime Minister Tun Abdul Razak Hussein and then-Chinese Premier Chou En Lai on May 31, 1974.