More Chinese enterprises eyeing to invest in Malaysia

KUALA LUMPUR: Malaysia continues to be the preferred destination for entrepreneurs from China to expand their businesses in this region, with more Chinese investors eyeing to invest here.

China's Ambassador to Malaysia Ouyang Yujing said amid increasing global economy vulnerability and escalating geopolitical tensions, China-Malaysia trade and investment have bucked the trend and achieved new growth.

He said China's official statistics showed that from Jan to Nov 2022, China-Malaysia bilateral trade has increased 18.5 per cent on a year-on-year basis, reaching US$184.75 billion.

China is expected to be Malaysia's largest trading partner for the 14th consecutive year.

According to Malaysia's official statistics, China's investment ranked top in the first half of 2022, reaching US$11 billion, accounting for 55.6 per cent of the total foreign direct investment (FDI) in Malaysia, making the world's second largest economy Malaysia's most important development partner.

"China-Malaysia relations have been at the forefront of China-ASEAN relations.

"China will continue to encourage more Chinese enterprises to increase investments in Malaysia to further boost Malaysia's economic development and industrial upgrading," he said at the "Ambassador Talk" programme jointly organised by the Malaysian Youth Council (MYC) and the Chinese Embassy here, today.

Ouyang said that from his frequent engagement with Chinese entrepreneurs here, he was optimistic this trend will continue to grow.

"They told me the reasons they choose Malaysia was because of the country's stable political environment, strategic geo-political location, modern and well-connected infrastructure, and good legal system.

"Good people-to-people relations between the people of our countries is also one of the factors that attract Chinese investors to Malaysia," he said.

He said moving forward, China and Malaysia can deepen cooperation in the development of electric vehicles, semi conductor and chips as well as oil and gas industries.

"China stands ready to work with Malaysia to make good use of these development opportunities. We will strengthen economic cooperation, accelerate science and technological innovation, and deepen cooperation in all aspects including interconnectivity, digital economy, green economy, modern agriculture, and biomedicine, et cetera.

"We will work together to bring more benefits to the peoples of both countries and contribute more to regional peace and prosperity," he said.

As this year marks the 10th anniversary of China-Malaysia Comprehensive Strategic Partnership and while 2024 will be the 50th anniversary of the establishment China-Malaysia diplomatic relations, the Chinese Ambassador also proposed that both countries work out a blueprint for China and Malaysia's future development.

He said both countries should further strengthen cooperation between governments, political parties and social organisations at all levels, continue to enhance political mutual trust and further deepen and expand pragmatic cooperation in all fields.

"We should continue to add and enrich the connotation of China-Malaysia comprehensive strategic partnership and push the China-Malaysia relations to new heights," he said.

"Standing at the crossroads of change unseen in a century, as an exemplar of friendly bilateral relations in the region, China and Malaysia should seize the historic opportunity, make good use of the development momentum and advance steadily and rapidly towards building a China-Malaysia community with a shared future," Ouyang said.

-- BERNAMA