China remains Malaysia's largest foreign investor in manufacturing sector — MITI

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KUALA LUMPUR (Oct 20): China remains Malaysia’s largest foreign investor in the manufacturing sector for four consecutive years since 2016, with 32 foreign direct investments (FDIs) amounting US$452.43 million (US$1=RM4.14) approved in the first six months of 2020.

Deputy International Trade and Industry Minister Datuk Lim Ban Hong said Malaysia approved 79 FDIs worth US$3.74 billion from China last year.

In terms of total trade, he said the bilateral trade between Malaysia and China stood at US$80.06 billion from January to August 2020, while in 2019, the two-way trade hit US$123.96 billion.

“Despite the current Covid-19 pandemic, Malaysia and China continued to show sincere friendship to support each other and overcome difficulties together in these trying times.

“And I hope the corporate elites from both countries would continue to collaborate in sectors such as digital economy big data, innovative economy, as well as industrial innovation and modern agriculture,” he said when delivering his keynote address at the 10th Malaysia-China Entrepreneurs Conference (MCEC) 2020 held virtually here, today.

Themed “A Decade of Excellence in Malaysia-China Cooperation”, the 10th MCEC is jointly hosted by the Malaysia-China Chamber of Commerce (MCCC) and Department of Commerce of Fujian Province, and co-organised by China Construction Bank (M) Bhd and China Construction Bank Fujian Branch.

The annual half-day conference aims to enhance the economic and trade exchanges, as well as cooperation between Malaysia and China.