PETALING JAYA: It is crucial for Malaysia to maintain strong trading ties with China which can help plug the economic gap in Malaysia following the weak ringgit, say leading trade organisations.
Associated Chinese Chambers of Commerce and Industry of Malaysia president Tan Sri Low Kian Chuan said the strategic partnership between Malaysia and China would positively impact both countries’ trade and investment, as well as their economies, technology, education and cultural exchanges.
“Despite being a small trading nation, Malaysia is highly recognised and respected by China through a strong bilateral relationship and significant trade volume, which have continuously deepened and improved over the years. This will go on for many years to come,” he said.
Low said Malaysia’s overall trade value with China was RM108.7bil in the first quarter of this year, accounting for 16.8% of total external trade.
Malaysia’s export share to China was 13%, while its import share from China was 21.6%.
“China has been Malaysia’s largest trading partner and foreign investor in the manufacturing sector since 2009.
“This shows that China has clearly acknowledged Malaysia as an important trade and investment partner within Asean.”
In post-pandemic times and geo-economic complexity, he said Malaysia and China could look forward to deeper strategic alliances to elevate bilateral relations and trade to greater heights.
“These include encouraging collaboration and technology transfer in high-value investment segments like ICT, data analytics, design and development, the internet of things, cloud computing, artificial intelligence, automation and innovation.
“China is currently the global leader in several emerging technologies, including robotics, green energy, electric vehicles, high-speed rail, biotechnology, artificial intelligence, advanced materials and quantum technology.“Both countries should support collaborations and cross-border ecommerce that offers opportunities for SMEs,” he said, adding that high-quality cooperation under the Belt and Road Initiative (BRI) should also be emphasised for Malaysia’s development process.With Malaysia having abundant natural resources, a diversified society, good logistical infrastructure, and a skilled and multilingual workforce with a pro-business atmosphere, Low said the country was poised to attract more Chinese investments.
To facilitate people-to-people movement and promote tourism, Low suggested that both nations relax visa rules for visitors.
“More Malaysian students are pursuing tertiary education in China and vice versa; the relaxation will facilitate the skill set training of our workforce in emerging technologies and promote higher learning institution collaboration.”
Federation of Chinese Associations Malaysia president Tan Sri TC Goh said the hosting of the “Malaysia and China Year of Culture and Tourism” should be revived to boost bilateral ties and attract more Chinese tourists to Malaysia.
Goh, who is also the Malaysia-China Business Council director, said once the “visa on arrival” is reinstated for visitors from both countries, it will stimulate the domestic market, including the tourism sector and a host of related industries.
He also called for a special bilateral committee to be set up to make plans and preparations for the 50th anniversary celebrations of Malaysia-China diplomatic relations next year.
Malaysia Silk Road Society chairman Datuk Dr Cheah See Kian said it was time for the Kuala Lumpur-Singapore High Speed Rail, which was put on hold early last year, to be revived to improve connectivity between countries and regions along the BRI initiative route.
“It helps improve transportation efficiency, shorten transit times, and facilitate the movement of products and services around major cities and economic centres, promoting trade growth and the development of economic corridors,” he said.
