PUTRAJAYA (Oct 4): The Export-Import Bank of China (China EXIM Bank) and 1Malaysia Development Bhd (1MDB), a strategic development company owned by the Malaysian Government, have agreed to jointly explore investment opportunities in Malaysia, China and elsewhere for a sustainable economic cooperation between the two friendly nations.

Prime Minister Datuk Seri Najib Tun Razak and visiting China's President Xi Jinping witnessed the signing ceremony held at the Prime Minister’s Office here today in conjunction with Xi’s three-day state visit to Malaysia.

China EXIM Bank Chairman and President Li Ruogu and IMDB Managing Director and Chief Executive Officer Mohd Hazem Abd Rahman signed the joint-venture agreement. 

Among investments to be explored are the partnership to develop the landmark tower at the Tun Razak Exchange (TRX), which will be the anchor to TRX's development, serving as a primary physical marker to the 70-acre business and financial hub, said 1MDB and China EXIM Bank in a joint statement.

It said the joint venture would also look into investment potentials at home and abroad offered by sectors such as hospitality, commercial aquaculture, agriculture and infrastructure.

“The joint venture hopes to build on the long and successful history of economic cooperation between China and Malaysia.

“The joint venture will bring 1MDB and China EXIM Bank together to create new sources of growth for the long-term economic prosperity of both countries,” it added.

China is currently Malaysia’s biggest trading partner while Malaysia is China’s top trading partner in Asean.