Malaysia Needs 'New Four' To Reach US$160 Billion Bilateral Trade With China

KUALA LUMPUR, Aug 22 (Bernama) -- Malaysia needs to strive further to achieve the US$160 billion target set for bilateral trade with China this year, says Malaysia-China Chamber of Commerce President, Tan Yew Sing. He said Malaysia and China should look at how to capitalise on new industries, set new targets, new virtual invention and adopt a new thinking. Tan said the target for this year was set four years ago by leaders of both countries but bilateral trade has been hovering around US$100 billion the past few years. "Malaysian entrepreneurs should learn how to cooperate with China's emerging industries and play their part in cross-border cooperation,'’ he said at the soft launch of the Seventh Malaysia-China Entrepreneur (MCEC) Conference held on Aug 18. The text of his speech was released Monday. Tan also said they should also target local non-Mandarin speaking businessmen and small and medium enterprises (SMEs) to conduct business with their Chinese counterparts. With the emerging force of the modern China, he said the SMEs need to tap into the 'new four inventions’ namely mobile payment, bicycle sharing, high-speed rail and e-commerce, where the 'new tools’ have moved China's physical invention to virtual invention. Themed, 'The Road’, the Seventh MCEC, to be held on Nov 25, 2017, will be diversified, pragmatic, focused and interactive and attended by 1,000 Malaysian participants and 500 foreign participants mainly from China and other countries in Asia. -- BERNAMA