Malaysia looks forward to further strengthening economic cooperation with China, Transport Minister Anthony Loke Siew Fook has said.
The collaboration between the two countries in various sectors will boost local industries and bodes well for bilateral trade and investment, Loke said in his opening speech at the 12th Malaysia-China Entrepreneurs Conference (MCEC) on Thursday.
The East Coast Rail Link (ECRL), Malaysia’s mega rail project, is a prime example of cooperation between the two countries, with the railway projected to speed up economic growth in parts of the country, Loke said.
“I believe the ECRL will act as a catalyst to economic growth in both the east coast and west coast, spur infrastructure developments in the east coast region,” he added.
In his remarks, Chinese Ambassador to Malaysia Ouyang Yujing said bilateral cooperation between the two countries has achieved remarkable results.
China is expected to be Malaysia’s largest trading partner for the 14th consecutive year and the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement, which came into force in Malaysia this year, is set to boost their economic cooperation, he noted.
“With the full implementation of the RCEP, the economic and trade cooperation between China and Malaysia will continue to release new dividends,” he said.
The ambassador said the two countries are not only actively deepening cooperation in traditional fields such as electronic appliances, automobile manufacturing, railway and port, but also tapping the development potential of emerging fields such as e-commerce, digital economy, and green economy.
Hosted by the Malaysia-China Chamber of Commerce, the MCEC this year brought together various stakeholders to consider the latest economic developments with a focus on the RCEP and regional development.