Malaysia to tighten economic ties

Updated 2017-11-21 10:04:18 China Daily
A visitor asks about tourism products at the booth of Malaysia during the 14th China-ASEAN expo in Nanning, capital of the Guangxi Zhuang autonomous region. (Photo: For China Daily/Peng Hua)

A visitor asks about tourism products at the booth of Malaysia during the 14th China-ASEAN expo in Nanning, capital of the Guangxi Zhuang autonomous region. (Photo: For China Daily/Peng Hua)

Malaysia will strengthen its ties with Chinese companies in e-commerce, digital economy and artificial intelligence to further accelerate the liberalization of trade and attract investment to maintain a robust growth momentum, a senior Malaysian commerce official said on Monday.

Seri Ong Ka Chuan, second minister of Malaysia's Ministry of International Trade and Industry, said as the Association of Southeast Asian Nations has already signed free trade agreements with major trade partners such as China, South Korea, Japan and Australia, developing digital economy and high-end industries can help Malaysia diversify its economy via a consumption and investment-fueled economic development model.

The Malaysian government and Alibaba Group Holding Ltd jointly launched a regional e-commerce hub located close to Kuala Lumpur airport earlier this month, and Alipay, an online payment platform under Alibaba, was introduced to the country earlier this year.

"The future is good," said Chuan. "A lot of goods from Malaysia can be shipped to China through Alibaba and Alipay. And Chinese products can be brought to Malaysia. It can also significantly boost the tourism market in Malaysia."

China is now Malaysia's top trading partner and the latter remains China's biggest import source within the ASEAN bloc. Bilateral trade amounted to .3 billion in 2016, up 44.4 percent year-on-year, according to the Ministry of Commerce.

Eager to further diversify the country's earning ability, the Malaysian government partnered with Innospace Plus, a Shanghai-based venture capital and private equity firm that specializes in investing in high-tech innovation business to hold an innovation forum in Shanghai last week to discuss the development of the Belt and Road Initiative and multiple ways to invest in Malaysia.

"The development of the Belt and Road Initiative will also help develop a modern service sector, including fast growing financial cooperative platforms in Malaysia," said Chuan.

He said the initiative has so far spanned 65 countries and regions via projects by building massive infrastructure focusing on transport and energy. They currently account for some 30 percent of global GDP and over 35 percent of the world's merchandise trade.

"The end game of the Silk Road Economic Belt and the 21st-Century Maritime Silk Road as proposed by the Chinese government is to bolster these economies' contribution to global GDP growth to 80 percent by 2050."

"Malaysia's strategic location along the Maritime Silk Road will further enhance its strength as a preferred investment destination," said Liu Chenyang, a researcher at the APEC Study Center at Nankai University in Tianjin.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 17 2017 14:11:51

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 17 2017 14:11:51

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 17 2017 14:11:51

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords