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Malaysia-China Close Ties Boost Investment – Mustapa

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BEIJING – Close ties between Malaysia and China will further enhance investment between both countries, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said.

He said last year, Malaysian companies invested US$7.5 billion in various sectors in China, including in tourism, retail and manufacturing, while China invested US$2.5 billion in Malaysia.

There are currently about 5,000 Malaysian companies in China, including Parkson, Sunway and Sime Darby, he told Malaysian reporters here Thursday before leaving for Cebu, the Philippines to attend the Regional Comprehensive Economic Partnership Ministerial meeting.

He was in town to accompany Prime Minister Datuk Seri Najib Tun Razak for his six-day official visit to China since Monday.

Mustapa said he expected China’s investment in Malaysia would be further boosted with the inking of 14 trade agreements worth RM144 billion between Malaysian and Chinese companies Tuesday.

More and more Chinese entrepreneurs, including China Fortune Land Development Co Ltd (CFLD) founder and chairman Wang Wenxue, were making enquiries on investment in Malaysia.

Wang, one of China’s richest and prominent entrepreneurs, is involved in the setting up of integrated urban developments.

A pioneer in the public-private partnership model, he has set up more than 50 new industrial cities, including the Guán New Industry City, for which the company has so far invested US$4.8 billion.

Mustapa said the city, which was built in 2002, had been transformed into a Global Technology Centre in collaboration with Tsinghua University, Peking University and the Zhongguancun Science and Technology Park.

As at September this year, the company’s sales revenue reached US$13.2 billion and total assets exceeded USD32 billion.

CFLD has also been involved in the construction and operation of two inter-city railway projects, and is the first private enterprise in China to focus on high-speed railway projects.

On the other hand, Mustapa said Malaysian company Genting Resort Secret Garden in Zhangjiakou was building ski facilities to meet growing demand from local enthusiasts following Beijing’s success in its bid to host the 2022 Winter Olympics freestyle event at its snow park.

It was reported that China’s ski market was growing tremendously, with the skiing population exceeding 12 million in 2016, rising at the annual growth rate of 25 per cent.

Genting Resort Secret Garden, on its website, reported that the resort whole project covered an area of 100 square kilometers, with a planned investment of US$3 billion.

It is being turned into a comprehensive all-season tourist resort by 2022, with 88 ski runs with a total length of about 70 km, in addition to 22 cable lifts spanning over 30 km.

Currently the resort has 35 ski runs and three high-speed cable lifts, a five-star hotel with 265 rooms and suites, and 83 apartments.

The company plans to build 2,400 holiday apartments, as well as a comprehensive freestyle infrastructure in accordance with the Winter Olympic specifications to enable it to host major international sports events.

Najib told the Malaysian media here Tuesday that he told Chinese Prime Minister Li Keqiang that the Malaysian government gave its support to the project in the company’s quest to complete it for the 2022 Winter Olympics freestyle venue. – BERNAMA


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