KUALA LUMPUR, June 20 — The Investment, Trade and Industry Ministry (Miti) facilitated the exchange of 11 memoranda of understanding (MoUs) between Malaysian and Chinese entities with a total potential investment of RM13.2 billion.
Minister Tengku Datuk Seri Zafrul Abdul Aziz said Miti was pleased to see the government-to-government collaborative spirit cascading to the private sector of both countries through the MoUs for 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 interpersonal ties,” he said in a statement today.
The MoUs were exchanged during China Premier Li Qiang’s first official visit to Malaysia.
The ministry said the MoUs reflect the continued confidence of the Chinese business community in the strength and sustainability of 50 years of diplomatic relations between Malaysia and China, while reaffirming Malaysia’s position as one of China’s key investment and trade partners in Southeast Asia.
“Key MoUs involved several agencies under Miti, including the Malaysian Investment Development Authority (Mida), the Malaysia External Trade Development Corporation (Matrade) and the Export-Import Bank of Malaysia Berhad (Exim Bank Malaysia),” it added.
The MoU between Mida and China International Capital Corporation Ltd aims to strengthen economic and industrial collaboration, focuses on enhancing investment opportunities in high-value sectors, and explores supply chain integration within key industries in Malaysia and China.
Matrade entered into an deal with Bank of China (Malaysia) Bhd to strengthen its alliances with international financial institutions as it looks to enhance market access as well as financing options for Malaysian exporters.
Exim Bank Malaysia’s MoU with the Industrial and Commercial Bank of China (Malaysia) Bhd aims to foster and enhance bilateral financial relations.
Other MoUs were for collaborations in high-value-added sectors, such as oil and gas, energy, education as well as technical and vocational education and training, agriculture, automotive and utility services.
Earlier today, after the Malaysia-China Business Community luncheon, Tengku Zafrul said Miti will collaborate with its Chinese counterparts to explore and identify new areas for industrial park development under the “Two Countries, Twin Parks” framework.
The framework is a flagship project of national-level investment collaboration, and a key part of the Belt and Road Initiative.
The China-Malaysia Qinzhou Industrial Park in Guangxi opened in 2012 and the Malaysia-China Kuantan Industrial Park opened a year later in Malaysia.
“Both countries have agreed Malaysia and China should not just … have twin parks, but … multiple parks,” the minister told reporters.
— Bernama
