On the occasion of the 50th anniversary of diplomatic relations between, 2024 is seen as a crucial year amidst global political and economic uncertainties and based on this, there is a strong emphasis on kickstarting economic development.
Deputy Investment, Trade And Industry (MITI) Minister Liew Chin Tong said this support of the 7th China International Import Expo (CIIE), and acknowledging the coordinating efforts of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).
Liew said Prime Minister Datuk Seri Anwar Ibrahim consistently underscores the importance of economic progress and comprehensive development. In line with this, “By the end of 2024, I hope Corporate Asia, including Corporate China, will have the two following impressions about Malaysia.
“Firstly, Malaysia will be seen as a high-end manufacturing hub, departing from its past association with low-end manufacturing. Electrical and electronics, aerospace, medical devices and pharmaceutical, and chemicals are among the key focus for sector development.”
Malaysia’s initial economic take-off before 1997 positioned the country as a high-end manufacturing nation in Asia, and there is a renewed focus on regaining that status.
Secondly, Liew said, is the vision is to establish Malaysia as a key nation recognised for high-end services in Asia, in what is known as Services 2.0. Efforts are underway to position Malaysia as an attractive destination for high-end services such as legal and arbitration, manufacturing-related services and logistics, engineering, and environmental services, and establishment of regional headquarters especially for China and Asian businesses.
Chinese companies expanding globally are encouraged to consider Malaysia as their regional headquarters.
In the context of high-end manufacturing and services, there is a call for greater integration between government and private entities.
“Our responsibility is to improve Malaysia’s regulations and propose initiatives that create a positive impact on Malaysia-China businesses, focusing on high-end manufacturing and services within the policy and legal frameworks,” Liew added.
Economic alignment and collaboration between businesses are very much emphasised, and events like CIIE provide a platform for Malaysian entrepreneurs to engage with Chinese businesses, facilitating trade relations and benefiting both nations.
The key point is to encourage substantive cooperation, assist mutual understanding through exhibitions and expos, and foster an understanding of each other’s regulations and economic controls.
