Malaysia minister 'optimistic' on bilateral business prospects

By Wang Zhan | HK EDITION | Updated: 2023-04-26 20:13

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Tengku Datuk Seri Zafrul Abdul Aziz (left), minister of the international trade and industry of Malaysia, encourages more coverage on China-Malaysia business activities while meeting Zhou Li, publisher and editor-in-chief of China Daily Asia Pacific, in Kuala Lumpur on April 26, 2023. (PHOTO / CHINA DAILY)

Malaysia's Minister of International Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, has expressed optimism about the future of business prospects between China and Malaysia.

According to Zafrul, this optimism is fueled by strong Chinese interest in Malaysia, driven by his ministry's pro-industry, pro-trade, and pro-investment focus. He made the remarks on Wednesday in Kuala Lumpur while meeting a visiting China Daily delegation.

The minister said his ministry is capturing important investments in targeted sectors including electrical and electronics products and the digital economy. These investments are expected to create higher-paying jobs for Malaysians.

China has been a significant investor in Malaysia in recent years. In 2022, China was the largest source of foreign investment for Malaysia. Malaysia approved a total of MYR163.3 billion ($36.8 billion) in foreign direct investment, of which investments from China accounted for MYR55.4 billion ($12.5 billion). This has been driven by China's Belt and Road Initiative, which aims to enhance economic connectivity between China and countries across Asia, Europe and Africa.

Zafrul noted that Malaysia's strategic location, world-class infrastructure, and skilled workforce make it an attractive destination for Chinese investors.

The minister recently visited China on a trade mission which was successful in generating potential exports worth MYR2.44 billion and potential foreign direct investment (FDI) of up to MYR170 billion from China. The mission, which coincided with Malaysian Prime Minister Datuk Seri Anwar Ibrahim's official visit to China, took place from March 31 to April 2 and involved visits to Beijing and Ningbo city.