China will increase bilateral trade with Malaysia, which currently trades more than $100 billion and allows the latter to benefit from deeper cooperation in finance, high-value agriculture and emerging industries in exchange for the “Belt and Road Initiative” (BRI) to promote the Republic.
Chinese Ambassador to Malaysia Pak Tin said that China emphasizes promoting high-quality cooperation in the “Belt and Road Initiative”.
He said that in pursuing "high-quality" cooperation, China's "One Belt, One Road" initiative aims to continue the principle of broad consultation, mutual contribution and common interests.
Regarding business, Bai Tian said that the “Belt and Road Initiative” will promote the integration of companies and the international community in widely accepted rules in project construction, business operations, procurement and open tendering to ensure economic, social, financial and environmental sustainability.
The bilateral trade volume between China and Malaysia has reached 100 billion US dollars.
China has maintained Malaysia's largest trading partner for 10 consecutive years.
The country's manufacturing foreign direct investment (FDI) has more than tripled in the past five years and has been the industry's largest source of foreign investment for three consecutive years.
To date, the “Belt and Road Initiative” has brought opportunities for China and Malaysia to expand and deepen cooperation between the two countries.
Under the “Belt and Road Initiative” initiative, Bai Tian said China-Malaysia Qinzhou Industrial Park and the Malaysia-China Kuantan Industrial Park, often referred as 'Two Countries Twin Parks', are advancing steadily.
He added that the East Coast Railway (ECRL), which was relaunched last week, aims to be a catalyst for development in many areas along the lines of trade, logistics, tourism and industrial parks.
In return, Bai Tian said that palm oil and durian from Malaysia were introduced into the huge Chinese market.
Frozen whole fruit durian from Malaysia is officially allowed to give a green light, and this iconic Malaysian product has entered the table of ordinary Chinese, thanks to BRI's trade connectivity.