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In a collaborative effort to deepen business ties between Malaysia and China, both nations have introduced the Belt and Road Overseas Venture Incubator (BROVI). This initiative was unveiled during the Belt and Road Symposium Malaysia 2023, which serves as a platform for advancing the cooperative development of Malaysia Madani and the Belt and Road Initiative (BRI). Additionally, the symposium marked the establishment of a Malaysia-China Belt and Road Institute (MCBRI) aimed at fostering academic cooperation between the two countries.
The charge d’affaires of the Chinese embassy expressed China’s willingness to engage in a series of joint initiatives to work towards realising a shared vision for the future of China-Malaysia relations. He noted that the Malaysia Madani concept, proposed by the Malaysian Prime Minister, aligns with the President of China’s idea of a global community with a shared future. The joint building of a China-Malaysia community of shared future, supported by the leaders of both countries, sets a clear course for their bilateral relations.
Significant achievements in bilateral collaboration, particularly in the context of the BRI, were acknowledged, with China remaining Malaysia’s largest trading partner for 14 consecutive years. In 2022, China-Malaysia bilateral trade exceeded AU$200 billion for the first time, reaching AU$203.6 billion. Chinese investments in Malaysia reached $12.5 billion in 2022, constituting 33.9% of Malaysia’s total foreign direct investment (FDI).
Moreover, both countries are on the verge of celebrating the 50th anniversary of the establishment of China-Malaysia diplomatic relations next year.
The Deputy Prime Minister of Malaysia highlighted the shared goals of Malaysia Madani and BRI, stressing comprehensive and sustainable development for all, irrespective of factors like race, social class, or religion. He noted the profound benefits Malaysia has reaped from China’s economic growth and expressed confidence in Malaysia’s capacity to learn from China’s economic development experience. This experience includes strong government commitment to growth, export-oriented manufacturing, a well-educated workforce, a thriving entrepreneurial culture, and attracting foreign direct investment (FDI).
Crucially, the aspect of science, technology, and innovation (STI) was underscored as a key facet of China-Malaysia cooperation that is gaining momentum. The Counsellor Of Science and Technology at the Chinese embassy in Malaysia emphasised China’s commitment to strengthening collaboration in research and development and high-tech applications. This joint effort seeks to accelerate technological transformation and enhance the quality of life for the people of both nations.
OpenGov Asia reported earlier that, in a keynote speech at the third Belt and Road Forum for International Cooperation, the President of China outlined eight major steps for China to advance high-quality Belt and Road cooperation, inspiring various sectors in Hong Kong.
The Chief Executive of the Hong Kong Special Administrative Region (HKSAR) emphasised Hong Kong’s crucial role in the field of innovation and technology (I&T) and expressed full support for the proposed measures to promote high-quality Belt and Road cooperation.
The focus is on actively integrating into national development, strengthening economic and trade ties under the Belt and Road Initiative (BRI), enhancing physical and institutional connectivity, promoting financial integration, cultural and people-to-people ties, and facilitating exchanges among young professionals.
