RM13.2bil of investments signed

PETALING JAYA: Potential investments of RM13.2bil have been facilitated following Chinese Premier Li Qiang’s visit to Malaysia, which saw the signing of 11 memoranda of understanding (MOUs).

“We are pleased to see the G2G (government to government) collaborative spirit cascading to the private sector of both countries, through the exchange of MOUs valued at RM13.2bil in numerous high-value sectors,” said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

These MOUs were signed between Malaysian and Chinese entities – witnessed by Tengku Zafrul and his counterpart Wang Wentao, who is China’s Commerce Minister.

Li’s three-day visit to Malaysia concluded yesterday.

In a statement, Tengku Zafrul said his ministry was looking forward to seeing these collaborations enhance the 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.

The ministry said the key MOUs involved agencies such as 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 were between Mida and the China International Capital Corporation Limited, which aims to strengthen economic and industrial collaboration and enhance investment opportunities in high-value sectors, among others.

Matrade had also inked an MOU with Bank of China (Malaysia) Bhd 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) Bhd, with the aim to foster and enhance bilateral financial relations.

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

“Malaysia’s commitment to further strengthen our robust economic ties (with China) 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 visit to Malaysia was also meant to celebrate the 50th anniversary of Malaysia-China diplomatic relations.