China’s Ambassador to Malaysia Ouyang Yujing.
PETALING JAYA: Economic and trade cooperation between China and Malaysia continues to advance towards new higher-value opportunities, according to China’s Ambassador to Malaysia Ouyang Yujing.
“In order to achieve economic growth in the future, the digital economy and green development would represent two key trends, aligning with the high-quality development of a green Belt and Road,” Ouyang said at the launch of a report titled Assessing the Roles of Chinese Enterprises in Malaysia’s Economic Development yesterday.
For the purpose of exploring new opportunities in the digital sector, the ambassador also invited the Malaysian government and business sector to participate in the Global Digital Trade Expo taking place in Hangzhou, Zhejiang Province, next September.
Ouyang also urged companies to concentrate on sectors like clean energy, electric vehicles, green finance, and green infrastructure construction for cooperation in green investments.
“China’s annual direct investment flow into Malaysia nearly quadrupled from 2014 to 2023, recording more than US$2bil last year,” he said.
Meanwhile, South-East Asia Research Centre for Humanities senior research fellow Ong Sheue Li said China has been Malaysia’s largest trading partner for 15 consecutive years, with bilateral trade reaching RM450bil in 2023.
“Chinese investments in Malaysia span various sectors, particularly manufacturing, infrastructure, energy, and digital technology. Notable projects include collaborations with Proton, the East Coast Rail Link, and digital initiatives by Huawei and Alibaba, which contribute to Malaysia’s industrialisation and digital-transformation goals,” she said.
Ong said looking at bilateral trade data, Malaysia’s exports to and imports from China continue to grow, driven by factors like the strengthening cooperation in trade agreements and increasing foreign direct investment (FDI) from China.
“Trade between Malaysia and China is mainly concentrated in the categories such as machinery and transportation equipment, manufacturing products, chemical products and hybrid manufacturing products,” she said.
Ong noted that with regards to FDI, China’s investment in Malaysia has increased significantly in recent years, especially after the launch of the Belt and Road Initiative in 2013.
