Malaysia, China further step up economic cooperation

Malaysia and China have unveiled the Belt and Road Overseas Venture Incubator (BROVI) to deepen business collaboration between the two countries.

Thursday, October 26, 2023 09:48

Malaysia, China further step up economic cooperation ảnh 1

Charge d'Affaires of the China Embassy in Malaysia Zheng Xuefang (pic) delivers his speech during the Belt and Road Symposium Malaysia (BRSM).(Photo: BERNAMA)

Kuala Lumpur (VNA) - Malaysia and China have unveiled theBelt and Road Overseas Venture Incubator (BROVI) to deepen businesscollaboration between the two countries.

Thelaunch was made at the Belt and Road Symposium Malaysia (BRSM) 2023 in KualaLumpur on October 25, which aims to outline the course towards thecollaborative development of Malaysia Madani and the Belt and Road Initiative(BRI).

The symposium also marked the inauguration of a Malaysia-ChinaBelt and Road Institute (MCBRI) to foster academic collaboration betweenthe two sides.

Addressing the event, Charge d’Affaires of the Chinese Embassy in Malaysia ZhengXuefang said China is willing to jointly carry out a series of initiatives andembark on substantive progress towards achieving a China-Malaysia shared futurevision.

The Malaysia Madani concept proposed byPrime Minister Datuk Seri Anwar Ibrahim chimes with the concept of a globalcommunity of a shared future proposed by Chinese President Xi Jinping, hestressed.

Through previous collaborations, he saidfruitful results of bilateral BRI can be seen across various sectors, withChina having continued to be Malaysia’s largest trading partner for the 14thconsecutive year.

In 2022, China-Malaysia bilateral trade surpassedthe 200 billion USD mark for the first time, to hit 203.6 billion USD. Chineseinvestments in Malaysia amounted to 12.5 billion USD in 2022, accounting for33.9% of Malaysia’s total foreign direct investment (FDI).

Malaysian Deputy Prime Minister FadillahYusof said his country can draw invaluable insights from China’sexperience in economic development, rooted in factors such as strong governmentcommitment to economic growth, export-oriented manufacturing, a largeand educated workforce, a thriving entrepreneurial culture, and attractingFDI.

He noted that both nations have achieved remarkableoutcomes, including transformative projects like the East Coast Rail Link(ECRL), the “Two Countries, Twin Parks” initiative, and Alibaba’s Digital FreeTrade Zone (DFTZ), which have yielded substantial economic and societalbenefits./.

VNA

#Malaysia #China #Belt and Road Overseas Venture Incubator #Chinese investment #economic growth #Vietnamplus #Vietnam news #Vietnam News Agency China Malaysia

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