Malaysia is home to a large youth population, a rising middle class, and a vibrant economy. The infrastructural developments that the Chinese investment has brought to its shores can really push it towards greater economic development and achieving a higher status among the Asian economies.
Naturally, therefore, Malaysia looks forward to more cooperation in trade and investment as it has benefitted from the initial investments made under the BRI initiative.
The Belt and Road Initiative (BRI) is a highly ambitious economic initiative by China to boost connectivity and economic integration across the regions that it touches. This project is projected to bring economic prosperity, development, and progress for all the players involved. The Malaysian finance minister praised the initiative and reaffirmed his country’s support for the project at a recent press conference.
Malaysia is a vital ally of China in the region and an important trading partner in the current turbulent global trade scenario. Besides a mutually beneficial economic bond between the two countries, there are strong people to people ties as well. The number of Chinese visitors to the South East Asian Nation has increased over the last couple of years. The tourist inflow from China into Malaysia has increased by 7.6 percent in the first 5 months of the year alone.
Malaysia seeks more investments and in particular those made by the Chinese tech businesses in its local tech landscape. Malaysia has shown commitment to reform its business and investment laws to make them more amicable to the Chinese tech firms that it wants to attract.
Huawei, one of the largest global tech firms, is a Chinese firm that has already set up its regional hub in the Malaysian capital, Kuala Lumpur. It employs over 2500 people throughout the country. Malaysia is keen to acquire technical knowledge and equipment from Huawei and similar Chinese tech firms so it can develop its own technological infrastructure and leverage Industry 4.0 technology in its economic development and progress. Innovation based high tech industries are the main focus for the Malaysian government to attract the Chinese investment in and learn from China in fields such as robotics, artificial intelligence, and cloud computing.
Therefore, Malaysia welcomes Chinese investments into its economy under the BRI with open arms and pushes for further cooperation in the high tech and innovation-based services.
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