Malaysia and China to sign four memorandums of understanding on high technology and trade: Tengku Zafrul

KUALA LUMPUR: Malaysia and China will sign several memorandums of understanding to further strengthen trade and bilateral relations in line with the 50th anniversary of diplomatic relations between the two countries.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said the ministry (Miti) has prepared to sign four memorandums of understanding with China later this month, all of which cover the high-tech and trade sectors.

“Several other ministries will also be involved in the MoUs with China.

“Detailed information will be provided later when Prime Minister Datuk Seri Anwar Ibrahim will be present at the end of May to witness the signing of the MoUs,” he told Bernama after an interview on Bernama Radio’s “Malaysia-China Golden Jubilee” program today.

Malaysia officially established diplomatic relations with China on May 31, 1974, becoming the first Asian country to extend a hand of friendship to Beijing.

Tengku Zafrul said Chinese Premier Li Qiang is scheduled to visit Malaysia at the end of this month to celebrate five decades of ties between the two countries, which will boost confidence in Chinese and local investors, which will enable more investment as well as gain wider market access in both countries.

He said China is Malaysia’s largest trading partner and main source of foreign direct investment.

“In 2023, China was among the top five sources of foreign investment in Malaysia, with total investment worth US$3.15 billion (RM14.8 billion).

“The sectors that Chinese investors focus on are primarily the electrical and electronics sector, machinery and equipment, and chemicals and chemical products,” said the minister.

Tengku Zafrul noted that total trade between Malaysia and China in the January-April period increased by 5.9% to RM151.06 billion compared to the same period last year.

“The approved investment report for the first quarter of 2024 is expected to be issued by the Malaysian Investment Development Authority in June. I am optimistic that the value of investments for this period will show positive data, in line with the development of bilateral trade and strengthening economic relations, he added.