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Najib Expects More Collaboration Opportunities Between Malaysia, China Private Sectors

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NANNING (China), Oct 22 (Bernama) -- Prime Minister Datuk Seri Najib Tun Razak expects more collaboration opportunities between Malaysia and China private sectors

He said opportunities would continue to arise as Malaysia and China pursued their economic development programmes.

"China is Malaysia's largest trading partner, accounting for 12 per cent of total trade, while Malaysia was China's 8th largest global trading partner.

"It's a relationship that cultivated US$46 billion in trade last year. And if trade continues to exhibit the trend of the first six months of this year, where it hit US$31 billion, we will surpass last year's figures quite considerably," said Najib at a roundtable dialogue with CEOs of leading Chinese companies, a special event at the China-Asean Expo this year for Malaysia as the Country of Honour.

Najib said this growing relationship was also reinforced by the increase in Chinese foreign direct Investments (FDIs) in Malaysia.

"Last year, this grew 300 per cent to touch US$208 million.The figure rose to US$337 million in August. There has already been an increase of 62 per cent on last year's total figure.

"While this development is both welcome and encouraging, there is always room for this to grow.

"I hope China continues to see Malaysia as a good source of investment opportunities and that in return China will become an increasingly important source of FDI, not only in Malaysia but also in Asean," he said.

Najib said Malaysia was also continuing to strengthen its economy and last year's growth clinched 7.2 per cent,while China continues to reach new heights.

"As a result of strong domestic consumption, a well-managed monetary regime and FDI inflows are continuing to increase. I am confident that growth this year will touch five per cent," he said.

The Prime Minister said he had initiated various programmes to transform Malaysia's economy, elevate the nation's global status and make us a developed nation by 2020.

"Through the Economic Transformation Programme alone 131 projects for investment totalling US$138 billion have been identified and significant progress has already been made, with,87 projects worth US$56.6 billion are underway.

"Many of the projects will see the development of high value industries, including oil and gas and renewable energy, and offer significant investment opportunities to foreign companies," he said.

Najib said the Malaysian Investment Development Authority (MIDA) was already in discussions with Chinese companies on a number of projects, including in the agriculture, plantation, chemical, renewable energy and green technology sectors,and some of these projects would materialise in coming months.


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