Malaysia Secures Record $40 Billion Worth Of Investment Commitment From China: PM
Malaysia has secured a record RM170 billion worth of investment commitment from China.
The amount, the biggest so far from China, is from a total of 19 memoranda of understanding (MoU) sealed between businesses in China and Malaysia.
Prime Minister Datuk Seri Anwar Ibrahim said this showed the confidence of the investors in the country.
“We have achieved the commitment of RM170 billion in investments from China. I must thank the investors for giving their cooperation and for giving us confidence.
“This is historic. It is good for Malaysia and the future,” he said when announcing the news at the Malaysia-China Business Forum, which was attended by some 1,000 business leaders from both countries, here today.
The Prime Minister is currently on the last of his three-day visit here to deepen the strategic bilateral political and trade relationship with China.
Earlier, in his keynote address at the forum, Anwar urged Chinese investors and business leaders to leverage the strong bilateral ties and seize the vast opportunities being offered by the current government to invest in Malaysia.
“I assure you that under my watch, we will ensure that the ease of doing business and undertaking investments in Malaysia will be at the optimal level.
“So, build more partnerships with Malaysian companies, particularly in strategic sectors to advance deeper interlinkages,” he said.
China remained Malaysia’s largest trading partner for 14 consecutive years, with total trade of US$110.6 billion (RM488 billion) in 2022.
On the investment front, China was the biggest foreign direct investor in Malaysia last year, with investments amounting to US$12.5 billion (RM55.16 billion).
According to statistics from the Foreign Affairs Ministry, total exports to China increased 9.4 per cent to RM210.62 billion (US$47.84 billion) in 2022, while total imports from China stood at RM276.50 billion (US$62.78 billion) in the same year, or an increase of 20.7 per cent compared to the previous year.
Anwar, who is also the Finance Minister, said Malaysia’s position as the preferred investment destination has been solidified further with the presence of renowned Chinese companies such as Risen Energy, Huawei, Longi Solar, Bytedance, Jinko Solar, EVE Energy, Alliance Steel, Alibaba Group, Geely Auto Group, Xiamen University and many others.
“It is my hope that these companies, which have invested in strategic areas, will continue to expand their presence and work with local partners as well as the government to build new capabilities, develop key industries, and create high-paying jobs for Malaysians,” said the Prime Minister.