[UPDATED] Beijing pledges RM170 bil investments in Malaysia: Anwar

BEIJING – Malaysia has secured a historic commitment of RM170 billion in investments from China, said Prime Minister Datuk Seri Anwar Ibrahim here today.

This is a result of 19 memoranda of understanding between Malaysian and Chinese companies, as well as the round-table discussion with elite Chinese business leaders this morning.

It is also the highest investment commitment from China to Malaysia.

Anwar, in a brief announcement, said the investment commitment has given Malaysia confidence in a brighter future.

“I must thank the investors for their cooperation to achieve the commitment of RM170 billion,” he said after the Malaysia-China Business Forum here.

Meanwhile, International Trade and Industry (Miti) Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz told Malaysian reporters here that many of the MoUs are focused on green technology and the digital economy.

“We are also working to improve the spillover effects to the small and medium enterprises (SME) players so the investments can be felt throughout the business ecosystem.

“This will lead to an improvement of wages for more Malaysian workers, thus moving the country into a high-income nation,” he said on the sidelines of the forum.

He added that the prime minister is having back-to-back discussions with key decision-makers in the Chinese business sector who have flown in to meet him in Beijing.

“We want to leverage on the PM’s ability to convince investors to come to Malaysia. As for Miti, our responsibility is to facilitate the realisation of the committed investment.”

Among organisations and companies involved in the various MoU exchanges are the Associated Chinese Chambers of Commerce and Industry of Malaysia and China Chamber of Commerce for Import and Export of Machinery and Electronic Products, DRB-Hicom Bhd and Zhejiang Geely Holding Group Co Ltd, Sunsuria Bhd and IAT Automobile Technology Co Ltd, LBS Bina Group Bhd and Sany Group Co Ltd, Perbadanan PR1MA Malaysia, Construction Industry Development (M) Sdn Bhd, Perbadanan Kemajuan Negeri Perak and CSSC International Engineering Co Ltd.

Anwar is also scheduled to meet China’s Premier Li Qiang in the evening, where the two will have a bilateral meeting at the Great Hall of the People here.

The two leaders will be signing three government-to-government MoUs. They are: 

i. First Protocol to Amend the Agreement on Expanding and Deepening Economic and Trade Cooperation between the Government of Malaysia and the Government of the People’s Republic of China. This involves the International Trade and Industry Ministry and its Chinese counterpart. 

ii. Protocol of Phytosanitary Requirement for the Exportation of Jackfruit to China between the Agriculture and Food Security Ministry and China’s General Administration of Customs. 

iii. Protocol on Quarantine and Health Requirements for the Import of Aquaculture Feed from Malaysia to China.

Li will also host a state banquet to welcome Anwar.

Yesterday, Chinese President Xi Jinping and Anwar had a bilateral meeting at the Great Hall of the People.

In remarks at the meeting, Xi said Malaysia had been the first Asean country to establish diplomatic relations with China, and noted that this year also marked the 10th anniversary of a comprehensive cooperative partnership between China and Malaysia.

The two countries will next year celebrate their 50th anniversary of diplomatic relations.

Anwar meanwhile, had described his official visit as an honour for Malaysia, and that Malaysians “owe to China a big deal in term of investment, economic achievement and construction”.

China is one of eight countries Anwar has visited since he took office some four months ago.

On this trip, he is accompanied by Foreign Minister Datuk Seri Zambry Abd Kadir, International Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz, Transport Minister Anthony Loke, Housing and Local Government Minister Nga Kor Ming, Science, Technology and Innovation Minister Chang Lih Kang, and Tourism Minister Datuk Seri Tiong King Sing. – The Vibes, April 1, 2023