Malaysia and China continue to strengthen their economic partnership, with bilateral trade reaching nearly US$98 billion in the first 11 months of 2024.
Malaysia-China economic ties have continued to strengthen, with bilateral trade reaching nearly US$98 billion in the 11 months of 2024, matching the total trade volume for all of 2023. Minister of Investment , Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said the 6.9 per cent year-on-year growth presents opportunities for further advancement in the years to come.
In his speech at the Malaysia-China Summit 2024 reception dinner, Tengku Zafrul said that the foundation for the Malaysia-China 50-year partnership was laid many centuries ago, well before 1974. 'In 1971, reciprocal trade missions between Malaysia and China led to, among others, the export of 40,000 tonnes of Malaysian rubber for the Chinese market. 'In that same year, the total bilateral trade for Malaysia-China was a mere US$27.8 million. We established diplomatic relations with China three years later,’ he said. Investment-wise, from 1980 to June 2024, a total of 531 manufacturing projects with participation from China have been implemented, with investments valued at almost RM80 billion, creating over 88,800 jobs. 'I must also highlight that Malaysia’s regard of China as a valuable partner went beyond bilateral ties at multiple critical junctures. 'Since the Belt & Road Initiative (BRI) was officially launched in 2013, Malaysia has been one of its earliest and most supportive partners. During the China International Import Expo last month, both countries also exchanged additional documents for the BRI Cooperation Plan,” Tengku Zafrul said. The minister said after ASEAN was initiated in 1967, Malaysia gradually brought China into the regional fold in the early 1990s, which also saw the kickstart of the China-ASEAN Dialogue. 'We then played an instrumental role in initiating the ASEAN Plus Three in 1997 and the East Asia Summit in 200
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