KUALA LUMPUR, Oct 18 -- Malaysia is in a strategic position to welcome more foreign direct investments (FDI) in 2019 and beyond, especially from China, with the support of the thriving Hakka community in the country.
Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail said she strongly believed the bilateral ties between Malaysia and China, which commemorated its 45th anniversary this year, will grow from strength to strength.
"For the past 10 consecutive years, China has been Malaysia’s number one trading partner, ranking first in terms of imports and was the second largest export destination.
"I foresee that our strong relationship with China will continue to grow," she said at the Welcoming Dinner in conjunction with the 30th World Hakka Conference at the Sunway Pyramid Convention Centre today.
During the Budget 2020 announcement on Oct 11, Finance Minister Lim Guan Eng said Malaysia would create a “special channel” to accelerate FDI from China under InvestKL.
Dr Wan Azizah said total trade between Malaysia and China in 2018 was valued at RM325.53 billion (US$77.72 billion), an increase of 8.1 per cent from 2017.
Meanwhile, on the investment front, China is the largest investor in terms of approved manufacturing projects in Malaysia, with investments of US$4.75 billion (RM19.9 billion) in 2018, a position maintained since 2016.
“The Finance Minister has just announced up to RM 1 billion being allocated for customised packaged investment incentives annually over the course of five years to draw international companies to the country.
“Malaysia seeks to attract Fortune 500 companies and global unicorns in high technology, manufacturing, creative and new economic sectors in driving further growth and development for Malaysia,” Dr Wan Azizah said.