KUALA
LUMPUR (April 8): Chairman of Malaysia Investment Development Authority, Datuk
Abdul Majid encourages Malaysia listed companies and government companies to
cooperate with China companies and open up new business opportunities in third
countries.
He
said that one of the good examples is that Proton set up a factory in Pakistan
to form a joint venture between Malaysia, China and Pakistan.
When
he attended the Malaysia-China Outlook Forum in 2019 today, he said that in
terms of new markets and opportunities, this would be a good business strategy
for expansion. It should not focus solely on Malaysian business.
He
said that under the Belt and Road Initiative, this partnership is an area that
is encouraged to increase.
“It
is very important for Malaysian companies to think about how to increase the
value of partnership with China companies.”
According
to data from the Malaysian Investment Development Authority (MIDA) and the
Malaysia External Trade Development Corporation (MATRADE), in the past three
years, from 2016 to 2018, China has been Malaysia's largest foreign investment
and has been Malaysia's largest trading partner for 10 consecutive years.
Datuk
Abdul Majid also called on Malaysian companies to be more innovative and
upgrade their technology to seize the market and respond to fierce competition.
Given
the many business opportunities between China and Malaysia, Malaysia must adopt
an appropriate strategy to seize the China market to benefit from the rising
China.
“On the surface, Malaysia is easy to be satisfied, but things
have changed. We must actively promote our products and realize that China is a
highly competitive market.”
This
requires strengthening the quality, packaging and prices of the supplied
products to attract China's 400 million middle-class population.
In
the first four months of 2019, total trade increased by 3.6% year-on-year to
RM98.7 billion, while exports increased by 2.8% year-on-year to RM42.8 billion.
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