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Chinese companies are being encouraged to invest more in Malaysia and use the Southeast Asian country as a platform to enter other markets in the ASEAN region.
Wong Lai Sum, director of Planning and Strategy, Malaysia External Trade Development Corp (MATRADE), told China Daily that with its geographic advantages, "Malaysia is an ideal place for Chinese firms to do business and Chinese companies can have easy access to other ASEAN countries."
ASEAN (Association of Southeast Asian Nations) includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. With a total population of about 500 million, ASEAN enjoys a combined gross domestic product of US$737 billion and a total trade volume of US$720 billion.
Malaysia is now China's largest trading partner among the ASEAN countries.
MATRADE Chairman Halim Mohammad told China Daily there exists great potential for collaboration between Malaysian and Chinese companies to export products and services to third countries, such as halal food (food produced by following Muslim rules), beauty and skin care products, toiletries, leather products, herbal medications and pharmaceutical products, construction and management, and business integrated solutions.
Azman Mahmud, deputy director of Foreign Investment Promotion Bureau of the Malaysian Industrial Development Authority, said that Malaysia enjoys many advantages in attracting foreign investment, such as political and economic stability, pro-business government, liberal investment policies, transparency of policy, a well-developed infrastructure and a well-trained labour force.
He said Chinese investment in Malaysia has been growing since 1999 and China is now one of the top five foreign investors in Malaysia.
Malaysia's official figures show that between 1999 and June 2004, Mahmud's bureau approved 60 Chinese-invested manufacturing projects which involve a total Chinese investment of US$887.89 million, creating more than 5,400 jobs.
Talking about Chinese investment growth, Mahmud said: "It is in a good trend, but we need more (Chinese investment)."
Chinese investment is mainly involved in the sectors of wood and wood products, chemicals and chemical products, transport equipment, scientific and measuring equipment, machinery manufacturing, food products, rubber products, and electrical and electronic products.
Source: China Daily
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