Malaysia, China five-year economic programme to be signed during Li’s visit - Tengku Zafrul

SHAH ALAM: The Five-Year Programme for Economic and Trade Cooperation between China and Malaysia is expected to be signed soon during the inaugural visit of Chinese Premier Li Qiang to Malaysia, said Investment, Trade and Industry (MITI) Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He said both countries have agreed to implement the second cycle of the Malaysia-China Five-Year Programme for Economic and Trade Cooperation that would further deepen linkages between industries in priority sectors like high-level manufacturing and digital economy.

Tengku Zafrul noted that the programme would also deepen cooperations in robotics, entrepreneur development, innovation and startup, as well as research and development in agriculture and primary industries.

In addition to the economic and trade cooperation, he said two government-to-government memorandums of understanding (MoUs) were expected to be signed during the visit, including a MoU on strengthening investment cooperation in the digital economy as well as a MoU on promoting investment cooperation in green development.

"These MoUs will set forth the direction for companies from Malaysia and China on investment and business opportunities in various sectors," he said during the launch of Chery Malaysia Assembly Plant here today.

Li Qiang will embark on a three-day official visit to Malaysia starting Tuesday, marking his first visit to the country as premier, in conjunction with the 50th anniversary of diplomatic relations between Malaysia and China.

"For Malaysia, the 50th anniversary is not just a celebration of a milestone but a pivotal point to chart the future of our economic cooperation that focuses on national and regional development," he said.

Under the economic pillar, he pointed out that around 60 programmes will be held either in Malaysia or China, led by various government agencies, the business community and think tanks.

Programmes organised by MITI include Invest Malaysia in September 2024 and the Malaysia-China Summit 2024 to be held in December 2024.

He also said trade and investment relations between both countries have deepened since 2009 and Malaysia's trade with China made up 17.1 per cent of Malaysia's global trade, valued at US$98.80 billion or RM 450.84 billion.

From 1980 to 2023, 497 manufacturing projects with participation from China, valued at US$18.5 billion (RM74.2 billion) have been implemented, creating more than 82,000 job opportunities for Malaysians, he said.

On Chery Malaysia, he said the Chinese automobile manufacturer has pledged an investment of RM1 billion last year, which supports Malaysia's New Industrial Master Plan 2030 and underscores Chery's confidence in the country's policies and fostering growth within the automotive sector.

-- BERNAMA

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