PETALING JAYA: The inking of 31 Memoranda of Understanding ((MOUs) and agreements between Malaysia and China will deepen cooperation in several crucial fields, say trade groups.
Federation of Malaysian Manufacturers (FMM) president Tan Sri Soh Thian Lai said the multi-faceted collaboration places emphasis on regional connectivity, multilateral trade frameworks and acceleration of the Asean-China Free Trade Agreement (ACFTA).
“It further signals China’s readiness to work closely with regional partners like Malaysia to promote stability and shared prosperity in an increasingly complex global landscape,” he said when contacted yesterday.
ALSO READ: Despite challenges, Malaysia pledges to solidify trust, communication with China
Lauding the MOUs, Soh said it was important to take things beyond just the trade volume and investment figures.
“It must focus on co-creating high-value industrial ecosystems that support both countries’ aspirations, aligning Malaysia’s New Industrial Master Plan 2030 (NIMP2030) with China’s innovation-driven growth agenda,” he said.
Citing significant potential in strategic sectors such as advanced manufacturing, clean and renewable energy, electric mobility, artificial intelligence, biotechnology and smart logistics, Soh said the collaboration would spur both nations to jointly develop high-impact projects and sustainable, value-added supply chains.
He suggested that a more structured bilateral cooperation mechanism between both governments and the business community be set up, such as joint innovation hubs and green and digital industrial parks.
ALSO READ: Synergy between two nations
Such an arrangement would further enhance Malaysia as a strategic base for Chinese investors to tap into Asean and the regional market via the Regional Comprehensive Economic Partnership (RCEP) and ACFTA.
Associated Chinese Chambers of Commerce and Industry Malaysia (ACCCIM) treasurer-general Datuk Koong Lin Loong said the deepening cooperation went beyond China’s Belt and Road Initiative (BRI) as it covered several other key sectors.
He said the upgrading of the Malaysia-China Kuantan Industrial Park (MCKIP) under the “Two Countries, Twin Parks” initiative should also include the setting up of similar parks in other parts of the country.
Koong stated that collaboration aimed at enhancing inspection protocols for items such as fresh coconuts and standardising regulations could facilitate increased agricultural exports to China.
Small and Medium Enterprises Association Malaysia (Samenta) national president Datuk William Ng said the wide-ranging agreements marked a promising new era in Malaysia-China relations.
“I see this as a pivotal moment for Malaysian businesses, especially our SMEs. The sectors identified in the MOUs reflect where the future of trade and industry is heading,” he said.
Ng said the benefits of the strategic partnerships must be inclusive and accessible to local SMEs, which he said made up over 97% of Malaysian businesses.
“We welcome these MOUs, and we want to see them benefit the SMEs and the rakyat and not just a select group of GLCs,” he added.
Ng proposed the creation of downstream programmes to enable SMEs to engage in key sectors through joint ventures, vendor development, or technology adoption.
ALSO READ: Influencer economy can be key to further growth
He said the collaboration should see Chinese companies helping local SMEs tap into the Chinese market via cross-border digital platforms, especially those operated by Chinese tech firms.
Malaysia Semiconductor Industry Association (MSIA) president Datuk Seri Wong Siew Hai said the MOUs showed a clear intent by both nations to work together in bringing prosperity to their people.
“Among the key areas of cooperation is the adoption of AI and e-commerce, where China is a global leader. If we can adopt their approach, we can accelerate the digitisation of government and the implementation of a more comprehensive digital economy for the nation,” he said.
Wong said that Malaysia would also benefit from the collaboration between the leading universities of both nations, particularly in relation to emerging technologies.
