Zafrul says ministry’s pro-trade, pro-investment focus aims to create good jobs for people

Malaysia’s Minister of International Trade and Industry Tengku Zafrul Aziz (left) encourages more coverage of China-Malaysia business activities while meeting Zhou Li, publisher and editor-in-chief of China Daily Asia Pacific, on April 26, in Kuala Lumpur. (PHOTO PROVIDED TO CHINA DAILY)

Malaysia’s Minister of International Trade and Industry, Tengku Zafrul Aziz, has expressed optimism about the future of business prospects between China and Malaysia. 

His optimism is fueled by strong Chinese interest in Malaysia, driven by his ministry’s pro-industry, pro-trade, and pro-investment focus, Zafrul told a visiting China Daily delegation in Kuala Lumpur on April 26.

He said his ministry is capturing important investments in targeted sectors including electrical and electronics products, and the digital economy. These investments are expected to create higher-paying jobs for Malaysians.

China has been a significant investor in Malaysia in recent years. In 2022, China was the largest source of foreign investment for the country. Malaysia approved a total of 163.3 billion ringgits ($36.8 billion) in foreign direct investment, of which investments from China accounted for 55.4 billion ringgits. This has been driven by China’s Belt and Road Initiative, which aims to enhance economic connectivity between China and countries across Asia, Europe and Africa.

Zafrul noted that Malaysia’s strategic location, world-class infrastructure, and skilled workforce make it an attractive destination for Chinese investors. 

The minister has been successful in generating potential exports worth 2.44 billion ringgits and potential foreign direct investment of up to 170 billion ringgits from China. The mission, which coincided with Malaysian Prime Minister Anwar Ibrahim’s official visit to China, took place from March 31 to April 2 and involved visits to Beijing and Ningbo City.

The mission aimed to strengthen economic ties between Malaysia and China, and explore opportunities for collaboration and investment. As a result, a total of 31 agreements and memorandums of understanding were signed, covering various sectors such as renewable energy, aerospace, digital technology and agriculture.

Key events that took place during the mission included a Roundtable Meeting between Anwar and 36 Chinese captains of industry, and the Malaysia-China Business Forum 2023 attended by over 1,000 business representatives from China and Malaysia.

According to Miti, Malaysia’s International Trade and Industry Ministry, the strong participation of business leaders from both countries signified the firm support and confidence on the future direction of Malaysia-China economic ties under the leadership of Anwar’s unity government.

“This mission is part of the ministry’s continuous efforts in attracting quality investments and positioning Malaysian companies, particularly the small and medium enterprises, higher in the global value chain,” Zafrul said on April 1.

“We are encouraged by the positive response reflected in the 170 billion ringgits potential FDI and 2.44 billion ringgits in potential exports.

“This reflects strong Chinese interest in Malaysia, driven by Miti’s pro-industry, pro-trade, and pro-investment focus.”