Investment Ties Deepened between Malaysia and Chongqing in High Impact Sectors

In an official statement released by the Ministry of International Trade and Industry (MITI), both deputy Minister of International Trade and Industry and Vice Mayor of Chongqing have agreed to co-organise the “Malaysia-China (Chongqing) Investment Forum 2022” virtually in May 2022.

The virtual meeting were hosted by Datuk Lim Ban Hong, the Deputy Minister of MITI with His Excellency, Cai Yunge, the vice Mayor of Chongqing Municipal People’s Government on April 8, 2022. Participants of the e-meeting were senior officials from MITI, Chongqing Municipal People’s Government, Chongqing Commerce Commission and Malaysia Investment Development Authority (MIDA).

The coming investment forum in May will see the participation of the business community and captains of industry from both Malaysia and China. It is expected that it will identify opportunities ad increase investment ties between the two nations, particularly with Chongqing Municipality in high impact investment sectors such as E&E, automotive and the fourth Industrial Revolution (4IR).

Malaysia’s total trade with Chongqing increased by 16.5% to RM15.9 billion (USD3.8 billion) compared to 2020. Total exports increased by 13.7% to RM12.1 billion (USD2.9 billion) while total imports increased by 26.9% to RM3.8 billion (USD0.9 billion) from 2020.

Datuk Lim underscored the importance to continue the momentum between Malaysia and China, by leveraging the RCEP framework, to continue the upbeat momentum.

“Malaysia and China, through Chongqing will establish a Working Group at the senior officials’ level to follow through the deliberations at the meeting,” Datuk Lim said.

Both Malaysia and Chongqing are aspired to capitalize on the New International Land-Sea Trade Corridor and RCEP to further strengthen the trade and investment ties. Companies of both nations to work together as part of the RCEP supply chain facilitated by investment promotion and trade facilitation agencies of respective countries.

To recap, Chongqing is one of the most important economic areas in Southwest China. It is a critical key production base for automobiles, parts and components, mainly for EV and autonomous vehicle. Therefore, the strategic collaboration between Malaysia and China via Chongqing could lead to market expansion , tech sharing and cross-border investment, particularly in developing and manufacturing critical parts and components for EVs or Next Generation Vehicles.

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