Ambassador of Embassy of Malaysia in China
H.E. RAJA DATO' NUSHIRWAN ZAINAL ABIDIN
June 29th ,2022
Mr. He Zhen Wei, President of China Overseas Development Association (CODA)
YB Datuk Seri Panglima Yong Teck Lee, Chairman of POIC Sabah
Ms. Teo Cho Cheng, Deputy Director of MIDA Beijing
Ladies and Gentlemen,
Good morning. Before I begin, I would like to thank Malaysian Investment Development Authority (MIDA) and China Overseas Development Association (CODA) for organizing this Webinar. This Webinar comes in time especially after Chinese Foreign Minister H.E. Wang Yi’s stopover in Sabah in early June this year.
As the first country in ASEAN to establish diplomatic ties with China in 1974, Malaysia has enjoyed fruitful bilateral relation in both political and economic aspects. This is clearly reflected the steady growth of trade between our two countries over the years.
In 2021, trade with China expanded by 34.5% to USD177.08 billion. China remained as Malaysia's largest export destination, with exports expanding by 31.3% to USD98.16 billion and China was also Malaysia’s largest import source valued at USD78.92 billion, increased by 38.6% compared to 2020.Trade uptrend continues in 2022 with total trade increased by 20.1% to USD61.57 billion from January to April 2022. During this period, exports and imports grew to USD34.52 billion and USD27.04 billion respectively.
Since 2016 to 2020, China has been Malaysia’s largest source of foreign investment in the manufacturing sector for five consecutive years. In 2021 itself, a total of 43 projects with participation from China were approved with investments totalling USD3.98 billion.
Ladies and gentlemen,
In line with the expansion of Industry 4.0, Digital Blueprint, the upcoming 12th Malaysia Plan and New Industrial Plan, along the National Investment Aspirations (NIAs), Malaysia welcomes quality investment projects that comprise of high technology, high value added, knowledge and capital intensive across the economic sectors.
The Malaysian Government is re-energising the manufacturing sector towards producing higher value-added, diverse and complex goods. The catalytic sub-sectors, namely the electrical and electronics (E&E), machinery and equipment (M&E), chemicals and chemical products, as well as high potential growth sub-sectors, namely aerospace and medical devices will continue to be prioritized.
Ladies and Gentlemen,
We share China’s view that the best way to face the global competition is to increase bilateral cooperation and create mutually beneficial and sustainable growth through trade and investments. Chinese companies are welcome to seek assistance from the Embassy and agencies like MITI, MIDA and MATRADE to facilitate their business and investments in Malaysia.
With that, I would like to conclude my remarks by wishing everyone present at today’s webinar good health, prosperity and success in your business activities.
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