MITI to attract investments in strategic sectors from China

KUALA LUMPUR: The Ministry of International Trade and Industry (MITI) aspires to see Malaysia becomes a hub for high-quality investments in strategic sectors such as electronics, logistics and digital economy from China.

Its Deputy Minister, Dr Ong Kian Ming said that Malaysia did not want to be a hub for low-value transfers of products from China in the context of the US-China trade war.

"We are working to improve our ties with China to the next level by increasing foreign direct investment (FDI) from China which was the biggest contributor by country to Malaysia’s FDI in 2016 and 2017," he said in a statement issued by the Malay Chamber of Commerce Malaysia (DPMM) today.

Ong was quoted as saying this during a closed-door dialogue between officials from the Development Research Centre (DRC) of China’s State Council and Malaysian industry players here recently on planning and growth policies of both countries in the quest to strengthen bilateral relations as strategic economic partners.

Present were DPMM President Rizal Faris Mohideen Abdul Kader, China’s DRC Director-General Dr Hou Yongzhi and several local captains of industry.

DPMM quoted Hou as saying that China was also keen to learn about Malaysia's experience in reducing poverty as the republic targeted zero poverty by 2030.

DPMM said it would continue to strengthen mutually beneficial bilateral ties and support each other sustainable development goals within its capacity.

Source: The Edge Markets