ID :
28235
Tue, 11/04/2008 - 09:37
Auther :
Shortlink :
https://oananews.org//node/28235
The shortlink copeid
OPPORTUNITIES FOR MALAYSIA-CHINA BUSINESS LINKS AMID GLOBAL CRISIS
By Tham Choy Lin
DALIAN, Nov 3 (Bernama) - Businessmen from Malaysia and China must seize opportunities arising from the current international financial turmoil to step up investments or forge joint ventures to strengthen further the close bilateral trade links between the two countries.
China investors should take advantage of their strong currency to invest in
Malaysia, said Musa Hitam, co-chairman of the Malaysia-China Business Council
(MCBC) here Monday.
Malaysians, on the other hand, can explore new areas which China wants to
develop.
"This is the time we can take advantage of the downturn, Malaysia is also
less affected by the crisis but we need to go out, this is the right time," Musa
told Bernama after the MCBC annual general meeting that was followed by a
Malaysia-China Business and Investment Forum here Monday.
The Chinese delegation to the meeting was led by Zhang Wei, vice-chairman
of
the China Council for the Promotion of Investment and Trade (CCPIT) who briefed
the Malaysians of China's measures including spurring domestic consumption as
among measures to tackle the financial crisis.
Zhang said China is confident of overcoming the challenges to maintain a
sound growth path by stimulating domestic demand and taking flexible fiscal and
monetary policies.
"China's economy is not fundamentally affected by the crisis. We will be
able to absorb the shock in the next few years," he said.
Among the areas in focus are food, education and healthcare, and more will
be done to increase the incomes of the country's 800 million rural population to
help consumption, he added.
Musa said the pro-active measures taken by China can only generate greater
optimism and opportunities for cross-trade and investments.
"Whereas the West will take four to five years to recover, China will take
much less time. We believe in the measures taken by China, they have the
capacity, a huge reservoir of consumers and they have the money," Musa said
referring to China's vast US$1.9 trillion foreign currency reserves.
Musa said greater cooperation and synergy would help businesses from the
two
countries weather the global economic uncertainty.
Zhang believes the conclusion of the investment negotiations for the Asean
Free Trade Area will be a strong booster. He added that Chinese enterprises had
ventured abroad actively since last year.
Chinese overall non-financial investments abroad had reached US$40
billion and in the first nine months of the current year, such investments
totalled US$26 billion.
Last year, trade between Malaysia and China reached US$46.43 billion while
Chinese investments in Malaysia stood at US$547.4 million, said Lee Yong Ming,
director of Malaysian Investment Development Authority in Shanghai.
Lee briefed about 100 local participants attending the business forum on
the
incentives and growth areas in Malaysia.
Iskandar Malaysia's investment executive director Adlan Ahmad also made a
presentation of the strategic location and opportunities in the southern
economic zone hub that has attracted RM39 billion in investments to
date.
Meanwhile, Musa said next year's MCBC annual general meeting will be held
in
Sarawak.
-- BERNAMA
DALIAN, Nov 3 (Bernama) - Businessmen from Malaysia and China must seize opportunities arising from the current international financial turmoil to step up investments or forge joint ventures to strengthen further the close bilateral trade links between the two countries.
China investors should take advantage of their strong currency to invest in
Malaysia, said Musa Hitam, co-chairman of the Malaysia-China Business Council
(MCBC) here Monday.
Malaysians, on the other hand, can explore new areas which China wants to
develop.
"This is the time we can take advantage of the downturn, Malaysia is also
less affected by the crisis but we need to go out, this is the right time," Musa
told Bernama after the MCBC annual general meeting that was followed by a
Malaysia-China Business and Investment Forum here Monday.
The Chinese delegation to the meeting was led by Zhang Wei, vice-chairman
of
the China Council for the Promotion of Investment and Trade (CCPIT) who briefed
the Malaysians of China's measures including spurring domestic consumption as
among measures to tackle the financial crisis.
Zhang said China is confident of overcoming the challenges to maintain a
sound growth path by stimulating domestic demand and taking flexible fiscal and
monetary policies.
"China's economy is not fundamentally affected by the crisis. We will be
able to absorb the shock in the next few years," he said.
Among the areas in focus are food, education and healthcare, and more will
be done to increase the incomes of the country's 800 million rural population to
help consumption, he added.
Musa said the pro-active measures taken by China can only generate greater
optimism and opportunities for cross-trade and investments.
"Whereas the West will take four to five years to recover, China will take
much less time. We believe in the measures taken by China, they have the
capacity, a huge reservoir of consumers and they have the money," Musa said
referring to China's vast US$1.9 trillion foreign currency reserves.
Musa said greater cooperation and synergy would help businesses from the
two
countries weather the global economic uncertainty.
Zhang believes the conclusion of the investment negotiations for the Asean
Free Trade Area will be a strong booster. He added that Chinese enterprises had
ventured abroad actively since last year.
Chinese overall non-financial investments abroad had reached US$40
billion and in the first nine months of the current year, such investments
totalled US$26 billion.
Last year, trade between Malaysia and China reached US$46.43 billion while
Chinese investments in Malaysia stood at US$547.4 million, said Lee Yong Ming,
director of Malaysian Investment Development Authority in Shanghai.
Lee briefed about 100 local participants attending the business forum on
the
incentives and growth areas in Malaysia.
Iskandar Malaysia's investment executive director Adlan Ahmad also made a
presentation of the strategic location and opportunities in the southern
economic zone hub that has attracted RM39 billion in investments to
date.
Meanwhile, Musa said next year's MCBC annual general meeting will be held
in
Sarawak.
-- BERNAMA
