Economic and trade relations between Malaysia and China has grown from strength to strength, and the latter's investments in the country are set to expand further, said Prime Minister Datuk Seri Najib Tun Razak.
He said last year, China invested US$2 billion (RM8.4 billion) in Malaysia and expects the figure to increase based on the uptrend in investments over the past five years.
"China was Malaysia's largest trading partner in 2015, a position maintained since 2009. Total bilateral trade in 2015 was US$100 billion," he said at the Round Table Meeting with 30 Chinese Captains of Industry here on Tuesday.
The event was organised by the International Trade and Industry Ministry (MITI) and the Malaysian Investment Development Authority (MIDA) and also present was the Minister, Datuk Seri Mustapa Mohamed.
Datuk Seri Najib is on a six-day official visit to China from Monday and during his stay, Malaysian and Chinese companies will sign more than 10 agreements, involving among others, investments in port construction, gas pipe laying and water desalination plants, e-commerce, solar panel manufacturing and construction.
Putrajaya and Beijing will also sign the Framework Financing Agreement and Engineering, Procurement, Construction Contract for the US$13.10 billion (RM55 billion) East Coast Railway Line (ECRL) project on Tuesday.
The ECRL is set to be China's single largest investment in Malaysia.
Datuk Seri Najib, who is also Finance Minister said the growing economic and trade relations between Malaysia and China has been encouraged by the healthy and close political and business exchanges at the highest levels.
He said Malaysian companies, such as the IOI Group, Parkson, and KLK, have also considerably expanded their operations in China.
"We share China's view that the best way to face the ongoing global economic headwinds is to increase cooperation, and create mutually beneficial and sustainable growth through trade and investments," he added.
Datuk Seri Najib said as China increasingly engaged with friends and neighbours, through the Go Abroad strategy, the One Belt One Road initiative and multilateral agreements such as the ASEAN-China Free Trade Agreement, Malaysia has also benefited from China's prominence on the world stage.
He said the Malaysian economy remains stable and on a positive trajectory, with the Gross Domestic Product growth projected to be 4 to 4.5 per cent this year, and up to five per cent in 2017.
"With our strong economic fundamentals, Malaysia continues to be a very attractive destination for foreign direct investments (FDI)," he added.
Datuk Seri Najib said in the first half of 2016, approved FDI has already reached 83.3 per cent of the total approved for the whole of last year.
He said with Malaysia's highly diversified economy, strong manufacturing foundation, developed infrastructure and connectivity, proactive government policies alongside a sound legal system, there is enormous potential for further cooperation with China.
"Malaysia can also be China's gateway for ASEAN and beyond," he told the meeting. -- BERNAMA
Bernama
Tue Nov 01 2016
Economic and trade relations between Malaysia and China has grown from strength to strength, and the latter's investments in the country are set to expand further, said Prime Minister Datuk Seri Najib Tun Razak. -Bernamapix
Who is Prabowo Subianto, incoming president of Indonesia?
A wealthy ex-general with ties to Indonesia's popular outgoing president and its dictatorial past, looks set to be its next leader.
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.