KUALA LUMPUR: China will increase bilateral trade with Malaysia, currently at over US$100 billion, and allow the latter to benefit from deeper collaboration in finance, high value agriculture and new industry in return for promoting the republic's Belt and Road Initiative (BRI).
Chinese ambassador to Malaysia Bai Tian said China stressed on promoting high quality Belt and Road cooperation.
He said when pursuing 'high quality' cooperation, China's BRI is aimed at continuing the principles of extensive consultation, joint contribution and shared benefits.
"This will turn the advantages and potentials of all parties into a combined force of common development," he said at Belt and Road Malaysia-China forum here today.
"The BRI will also put more focus on poverty alleviation, employment and raising the living standards, making the BRI a bliss for the local people," he added.
On businesses, Bai Tian said BRI will push enterprises to integrate with widely-accepted rules in the international community in sectors including projects construction, business operations, procurement, and public biddings to ensure the economic, social, fiscal and environmental sustainability.
"We believe these goals and objectives will make the BRI cooperation smoother, stronger, and that it will bring about more tangible benefits to all parties."
Bilateral trade volume between China and Malaysia has reached US$100 billion and China has remained Malaysia’s biggest trading partner for 10 consecutive years.
The country’s foreign direct investment (FDI) in Malaysia’s manufacturing sector has more than quadrupled over the past five years, being the largest source of foreign investment in the industry for three consecutive years.
The BRI has thus far brought the opportunity for China and Malaysia to broaden and deepen both countries' cooperation.
Under the BRI, Bai Tian said China-Malaysia Qinzhou Industrial Park and the Malaysia-China Kuantan Industrial Park, often referred as 'Two Countries Twin Parks', are advancing steadily.
The East Coast Rail Link (ECRL) which was relaunched last week, aims to be a catalyst for development for the states along the route, in many areas such as trade, logistic, tourism and industrial parks, he added.
In return, Bai Tian said palm oils and durians from Malaysia have been introduced to the huge Chinese market.
Frozen whole-fruit durians from Malaysia officially got the green light, and this signature Malaysian product has made its way to the dining table of ordinary Chinese people, all made possible by the trade connectivity of the BRI.