Malaysia secures $38.4B worth of investment commitments from China, PM Anwar says

Malaysia has secured a record MYR170 billion ($38.4 billon) worth of investment commitments from China, according to Prime Minister Anwar Ibrahim.

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, national news agency Bernama reported on Saturday (Apr 1).

“We have achieved the commitment of MYR170 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 2023, which was attended by some 1,000 business leaders from both countries in Beijing on Saturday.

The prime minister was on the last of his three-day visit in China to deepen strategic bilateral political and trade relationship with China.

Earlier, in his keynote address at the forum, Anwar has 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 optimal level. So, build more partnerships with Malaysian companies, particularly in strategic sectors to advance deeper interlinkages,” he was quoted as saying.

China remains Malaysia’s largest trading partner for 14 consecutive years, with total trade of $110.6 billion in 2022. On the investment front, China was the biggest foreign direct investor in Malaysia last year, with investments amounting to $12.5 billion.

According to statistics from Malaysia’s Foreign Affairs Ministry, total exports to China increased 9.4 percent to MYR210.62 billion ($47.84 billion) in 2022, while total imports from China stood at MYR276.50 billion ($62.78 billion) in the same year, or an increase of 20.7 percent 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.

He said Malaysia will continue to work with China to deepen existing cooperation in the Belt and Road Initiative (BRI), and to expand economic cooperation in new growth areas, such as green development and digital economy.

Anwar also said Malaysia will work closely with other Asean member states to ensure that the Asean-China Free Trade Area (ACFTA) benefits all parties involved.

He said the timely upgrade of the ACFTA will not only deepen trade and investment within the region but also broaden economic benefits with the inclusion of new sectors, namely digital economy, green economy, competition and consumer protection, as well as micro, small and medium enterprises.

“At the same time, the Straits of Malacca will be kept free and safe for economic and trade flows and international stability. It is our moral and historical duty to keep it that way,” he added.

The prime minister has also witnessed the exchange of 19 MOUs between the companies involved.

Among notable MOUs were the heads of agreement between DRB-Hicom Bhd and Zhejiang Geely Holding Group Co, Ltd on a proposed joint venture on the development and commercialisation of an automotive high-technology valley in Tanjung Malim, Perak, for new energy vehicles, and one between the Associated Chinese Chambers of Commerce and Industry of Malaysia and the China Chamber of Commerce for import and export of machinery and electronic products.

Other MOUs sealed were between Digital Way Group Sdn Bhd, China Silk Road Group Ltd and China Kairous Capital to jointly establish a Malaysia-China digital and development fund in China and Malaysia, as well as one on a proposed development of a waste-to-energy plant in Malaysia.

Keyword: Malaysia secures $38.4B worth of investment commitments from China, PM Anwar says

CAR'S NEWS RELATED

OCR Festival: A Celebration Of Retro Car Culture In China

Earlier this month I visited the Outdoor Car Retro Festival at Zhejiang International Circuit in Shaoxing, China. To be honest, I had really low expectations, thinking it was just going to be another commercial event using car culture as a cover. I’m happy to say though, I was blown away by ...

View more: OCR Festival: A Celebration Of Retro Car Culture In China

Chery Owners Club (WCWL) Officially Launched In Malaysia

Chery Malaysia has announced the launch of the official Chery Owners Club in Malaysia. Named “With Chery With Love” (WCWL), this is an initiative driven by the global vision of Chery International to bring together owners of the brand’s products. The WCWL initiative focuses on bringing the brand closer to ...

View more: Chery Owners Club (WCWL) Officially Launched In Malaysia

Formula E potentially set to return to China using Shanghai’s F1 circuit

14.04.2019. Formula 1 World Championship, Rd 3, Chinese Grand Prix, Shanghai, China, Race Day. – www.xpbimages.com, EMail: [email protected] – copy of publication required for printed pictures. Every used picture is fee-liable. © Copyright: Batchelor / XPB Images Following Tokyo’s arrival into Formula E, another new Asian venue is reportedly ...

View more: Formula E potentially set to return to China using Shanghai’s F1 circuit

The big threat facing Germany’s luxury carmakers

The European Union’s probe into Beijing’s electric-vehicle subsidies is meant to protect its carmakers from a flood of cheap Chinese cars. But if it leads to tit-for-tat tariffs, Mercedes-Benz and BMW’s biggest moneymakers will be most exposed. For Germany’s high-end manufacturers, including Porsche, China has proven an insatiable market for ...

View more: The big threat facing Germany’s luxury carmakers

GAC Emkoo Makes “Ten Thousand Miles Across Southeast Asia” Expedition

The GAC Emkoo SUV was recently driven on a journey from China across Southeast Asia. Departing from Chengdu in China on 28 July, the convoy drove through a total of 4 countries in its “Ten Thousand Miles Across Southeast Asia” expedition. After crossing Laos and Thailand, on 15 August ...

View more: GAC Emkoo Makes “Ten Thousand Miles Across Southeast Asia” Expedition

In its catch up run on China, Indonesia insists deal with Elon Musk for EV battery materials is all but inked

Indonesia has announced that Tesla is preparing to make an investment in the production of battery materials within the nation. A report from Reuters indicates that an official announcement regarding this strategic move is expected to be made in the upcoming months. According to information shared on Instagram by Senior ...

View more: In its catch up run on China, Indonesia insists deal with Elon Musk for EV battery materials is all but inked

Tesla lowered the prices of the Model Y in China again, this time by up to RM9,000

In China, Tesla has announced reduced prices for its Model Y in both Long Range and Performance variants as the American EV maker gets more aggressive in its bid to find new customers. The starting prices for these variants have been lowered by CNY 14,000 or around RM9,000, perhaps in ...

View more: Tesla lowered the prices of the Model Y in China again, this time by up to RM9,000

The Rise Of Modified Car Culture In China

Last month, China’s annual GT Show returned to the Suzhou International Expo Centre in the city of Suzhou, west of Shanghai. There aren’t too many opportunities to indulge in Chinese modified car culture at such a large scale, but since this was my first visit to the GT Show, to be honest, ...

View more: The Rise Of Modified Car Culture In China

For under RM30k this Geely could be Malaysia’s EV Mesra Rakyat in 2024

Mitsubishi exits China

BYD & FAW complete first batteries at Changchun factory

CATL & Comac found JV to develop electric aircraft

Mercedes rethinks China BEV strategy

How long a driver’s licence lasts in South Africa vs Brazil, Russia, India, and China

China invests to speed up NEV adoption

Avatr gears up to launch a new SUV in China

SAIC & Audi to cooperate on vehicle development

Tesla’s sales battles over Q2 slow profits

Cadillac gears up to launch new electric SUV in China

Human Horizons launches China distribution of the HiPhi Y

OTHER CAR NEWS

; Top List in the World https://www.pinterest.com/newstopcar/pins/
Top Best Sushi Restaurants in SeoulTop Best Caribbean HoneymoonsTop Most Beautiful Islands in PeruTop Best Outdoor Grill BrandsTop Best Global Seafood RestaurantsTop Foods to Boost Your Immune SystemTop Best Foods to Fight HemorrhoidsTop Foods That Pack More Potassium Than a BananaTop Best Healthy Foods to Gain Weight FastTop Best Cosmetic Brands in the U.STop Best Destinations for Food Lovers in EuropeTop Best Foods High in Vitamin ATop Best Foods to Lower Your Blood SugarTop Best Things to Do in LouisianaTop Best Cities to Visit in New YorkTop Best Makeup Addresses In PennsylvaniaTop Reasons to Visit NorwayTop Most Beautiful Islands In The WorldTop Best Law Universities in the WorldTop Richest Sportsmen In The WorldTop Biggest Aquariums In The WorldTop Best Peruvian Restaurants In MiamiTop Best Road Trips From MiamiTop Best Places to Visit in MarylandTop Best Places to Visit in North CarolinaTop Best Electric Cars For KidsTop Best Swedish Brands in The USTop Best Skincare Brands in AmericaTop Best American Lipstick BrandsTop Michelin-starred Restaurants in MiamiTop Best Secluded Getaways From MiamiTop Best Things To Do On A Rainy Day In MiamiTop Most Instagrammable Places In MiamiTop Interesting Facts about FlorenceTop Facts About The First Roman Emperor - AugustusTop Best Japanese FoodsTop Most Beautiful Historical Sites in IsraelTop Best Places To Visit In Holy SeeTop Best Hawaiian IslandsTop Reasons to Visit PortugalTop Best Hotels In L.A. With Free Wi-FiTop Best Scenic Drives in MiamiTop Best Vegan Restaurants in BerlinTop Most Interesting Attractions In WalesTop Health Benefits of a Vegan DietTop Best Thai Restaurant in Las VegasTop Most Beautiful Forests in SwitzerlandTop Best Global Universities in GermanyTop Most Beautiful Lakes in GuyanaTop Best Things To Do in IdahoTop Things to Know Before Traveling to North MacedoniaTop Best German Sunglasses BrandsTop Highest Mountains In FranceTop Biggest Hydroelectric Plants in AmericaTop Best Spa Hotels in NYCTop The World's Scariest BridgeTop Largest Hotels In AmericaTop Most Famous Festivals in JordanTop Best European Restaurants in MunichTop Best Japanese Hiking Boot BrandsTop Best Universities in PolandTop Best Tips for Surfing the Web Safely and AnonymouslyTop Most Valuable Football Clubs in EuropeTop Highest Mountains In ColombiaTop Real-Life Characters of Texas RisingTop Best Beaches in GuatelamaTop Things About DR Congo You Should KnowTop Best Korean Reality & Variety ShowsTop Best RockstarsTop Most Beautiful Waterfalls in GermanyTop Best Fountain Pen Ink BrandsTop Best European Restaurants in ChicagoTop Best Fighter Jets in the WorldTop Best Three-Wheel MotorcyclesTop Most Beautiful Lakes in ManitobaTop Best Dive Sites in VenezuelaTop Best Websites For Art StudentsTop Best Japanese Instant Noodle BrandsTop Best Comedy Manhwa (Webtoons)Top Best Japanese Sunglasses BrandsTop Most Expensive Air Jordan SneakersTop Health Benefits of CucumberTop Famous Universities in SwedenTop Most Popular Films Starring Jo Jung-sukTop Interesting Facts about CougarsTop Best Hospitals for Hip Replacement in the USATop Most Expensive DefendersTop Health Benefits of GooseberriesTop Health Benefits of ParsnipsTop Best Foods and Drinks in LondonTop Health Benefits of Rosehip TeaTop Best Air Fryers for Low-fat CookingTop Most Asked Teacher Interview Questions with AnswersTop Best Shopping Malls in ZurichTop The Most Beautiful Botanical Gardens In L.A.Top Best Mexican Restaurants in Miami for Carb-loading rightTop Best Energy Companies in GermanyTop Best Garage HeatersTop Largest Banks in IrelandTop Leading Provider - Audit and Assurance In The USTop Best Jewelry Brands in IndiaTop Prettiest Streets in the UKTop Best Lakes to Visit in TunisiaTop Highest Mountains in Israel