KUALA LUMPUR (Oct 11): Minister of Economic Affairs Datuk Seri Azmin Ali is looking to expand the Look East Policy conceptualised by Prime Minister Tun Dr Mahathir in 1981, to include China as Malaysia can learn much from the country.

“Some 36 years have passed since Tun Dr Mahathir first announced his Look East Policy. That policy galvanised Malaysia as we learned from the practises of East Asian countries like South Korea and Japan. As New Malaysia looks to bring back the Look East Policy on a bigger scale, China should also be a country for us to learn from,” he said during his closing keynote speech at the South China Morning Post’s China Conference today.

He called for Malaysian firms to form joint ventures and strategic alliances with Chinese corporate players to take advantage of the business opportunities that arise from the enhanced bilateral relationship between both countries.  

“Malaysian companies must continue to explore all possibilities to tap the opportunities. As you know, Khazanah Nasional Bhd is one of the leaders in Malaysia’s investments in China, along with other Malaysian private corporations and business ventures that have operated successfully for many years,” he said.

On Malaysia’s recent review of a few infrastructure projects including those spearheaded by Chinese firms owing to budget constraints, he assured that the Government welcomes investments from China.  

“On behalf of the Government I want to give the commitment with a clear undertaking that we are committed to strengthen this collaboration with China and we believe we can learn a lot from the Chinese partners as we want to move forward.

“As Prime Minister Tun Dr. Mahathir has stressed, we would like to see FDIs from China that would bring capital, technology, value creation, jobs and skills transfer for Malaysians,” he added.

In this context, Azmin clarified as part of the Government’s progressive economic reforms, high-impact projects that can generate growth and directly enhance the well-being of the people will be continued with the aim to deliver greater social justice and development.

“I need to stress that notwithstanding our huge debt-to-GDP ratio, we remain committed to doing all that is necessary to generate economic growth and to exploit all opportunities that would bring benefit to the people.

“I assure you the Government will continue to invest in productive infrastructure, education and technology. This is crucial in order to continue to create value, generate job opportunities and take the economic trajectory to a positive direction.”

Instead of contemplating ‘New Malaysia’ with anxiety, Azmin urged Chinese businesses to view the country through the prism of hope and opportunity as Malaysia is now one of the most attractive places in Southeast Asia to do business.

“Nevertheless, China should not only view Malaysia as a destination for FDI. We are also keen on promoting our products to China. As Tun Dr Mahathir has said, we want Malaysia to be a country that produces and exports things, not just (be) a country of consumers.”