Malaysia External Trade Development Corporation

The Ministry of Investment, Trade & Industry (MITI) today facilitated the exchange of 11 Memoranda of Understanding (MoU) between Malaysian and Chinese entities, with a total potential investment of RM13.2 billion, in conjunction with the first official visit to Malaysia by the Premier of the People’s Republic of China, H.E. Li Qiang. The MoUs reflect the continued confidence of the Chinese business community in the strength and sustainability of 50 years of diplomatic relations between Malaysia and China, while reaffirming Malaysia’s position as one of China’s key investment and trade partners in the Southeast Asian region. 

The key MOUs involved several agencies under MITI, including the Malaysian Investment Development Authority (MIDA), the Malaysia External Trade Development Corporation (MATRADE) and the Export-Import Bank of Malaysia Berhad (EXIM Bank Malaysia). 

The MoU between MIDA and the China International Capital Corporation Limited (CICC) aims to strengthen economic and industrial collaboration, focusing on enhancing investment opportunities in high-value sectors and exploring supply chain integration within key industries in Malaysia and China. CICC’s strength in cross-border transactions and its extensive network in China perfectly complements MIDA’s strategic role in attracting high-value investments under the New Industrial Master Plan 2030 (NIMP 2030). Through this collaboration, CICC will support foreign investment from leading innovative companies, further empowering Malaysia's industrial development.

MATRADE entered into an MoU with Bank of China (Malaysia) Berhad to strengthen its alliances with international financial institutions as it looks to enhance market access as well as financing options for Malaysian exporters. Through this MoU, both parties will leverage their respective expertise and networks to benefit the business communities of both countries. Bank of China (Malaysia) Berhad, with its extensive branch network in mainland China, will serve as a vital intermediary for Malaysian exporters in establishing business connections as well as providing financial solutions. 

EXIM Bank Malaysia’s MoU with the Industrial and Commercial Bank of China (Malaysia) Berhad (ICBC Malaysia) aims to foster and enhance bilateral financial relations. The MoU outlines a framework for strategic collaboration to promote mutual benefits and deepen financial ties between the two institutions. Both banks will jointly promote ChinaMalaysia trade development and investment cooperation across various economic, trade, and investment platforms in both countries. Under EXIM Bank’s Malaysia Global Connect (MGC) programme, they are also looking to leverage the extensive network of ICBC Group for Malaysian business communities to expand into new markets such as Africa. 

The rest of the MoUs were between Malaysian and Chinese companies, for collaborations in high value-added sectors, such as oil and gas, energy, education and Technical and Vocational Education and Training (TVET), Agriculture, automotive as well as utility services.   

The MoU exchanges were witnessed by Malaysia’s Minister of Investment, Trade and Industry, YB Senator Tengku Datuk Seri Utama Zafrul Aziz and the People’s Republic of China’s Minister of Commerce (MOFCOM), H.E. Wang Wentao. 

Earlier, both Ministers co-hosted a business luncheon for the Malaysian and Chinese business community to commemorate the inaugural visit of H.E. Li Qiang to Malaysia. The luncheon – also graced by Malaysia’s Prime Minister, YAB Datuk Seri Anwar Ibrahim – was co-organised by the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), National Chamber of Commerce and Industry of Malaysia (NCCIM) and Malaysia-China Business Council (MCBC).

The luncheon was attended by 200 guests comprising prominent business leaders, captains of industries, representatives of chambers and government officials from both countries. The strong presence of business communities from both countries is testament to the dynamism of Malaysia-China’s relations, underpinned by robust economic and people-to-people connections.   

MITI Minister Tengku Zafrul Aziz said, "The visit by H.E. Li Qiang, the Premier of the People's Republic of China to Malaysia, heralds a new chapter in Malaysia China bilateral ties that are set to bring even more tangible economic benefits to both countries. Malaysia's commitment to further strengthen our robust economic ties lies in the signing of the Five-Year Programmes for Economic and Trade Cooperation between Malaysia and China, as well as the expanded scope of both countries' economic cooperation to include Digital Economy and Green Development."

"Today, we are pleased to see the G2G collaborative spirit cascading to the private sector of both countries, through the exchange of MoUs valued at RM13.2 billion in numerous high-value sectors. MITI looks forward to seeing these collaborations enhance our economy, including by increasing supply chain resilience, expanding trade in the services sector, and attracting high quality investments, while also deepening human capital development and people-to-people ties," continued Tengku Zafrul.

MINISTRY OF INVESTMENT, TRADE AND INDUSTRY (MITI)

20 JUNE 2024