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Malaysia is Encouraged to Cooperate with China Enterprises to Expand Business Opportunities

Update Date:2019-7-11 17:58:25 Source:Tannet (Malaysia) Sdn Bhd Views:746

KUALA LUMPUR (April 8): Chairman of Malaysia Investment Development Authority, Datuk Abdul Majid encourages Malaysia listed companies and government companies to cooperate with China companies and open up new business opportunities in third countries.


He said that one of the good examples is that Proton set up a factory in Pakistan to form a joint venture between Malaysia, China and Pakistan.


When he attended the Malaysia-China Outlook Forum in 2019 today, he said that in terms of new markets and opportunities, this would be a good business strategy for expansion. It should not focus solely on Malaysian business.


He said that under the Belt and Road Initiative, this partnership is an area that is encouraged to increase.


“It is very important for Malaysian companies to think about how to increase the value of partnership with China companies.”


According to data from the Malaysian Investment Development Authority (MIDA) and the Malaysia External Trade Development Corporation (MATRADE), in the past three years, from 2016 to 2018, China has been Malaysia's largest foreign investment and has been Malaysia's largest trading partner for 10 consecutive years.


Datuk Abdul Majid also called on Malaysian companies to be more innovative and upgrade their technology to seize the market and respond to fierce competition.


Given the many business opportunities between China and Malaysia, Malaysia must adopt an appropriate strategy to seize the China market to benefit from the rising China.


“On the surface, Malaysia is easy to be satisfied, but things have changed. We must actively promote our products and realize that China is a highly competitive market.”


This requires strengthening the quality, packaging and prices of the supplied products to attract China's 400 million middle-class population.


In the first four months of 2019, total trade increased by 3.6% year-on-year to RM98.7 billion, while exports increased by 2.8% year-on-year to RM42.8 billion.


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