OBOR will be mu­tu­ally ben­e­fi­cial, says Liow

New Straits Times - - News -

BEI­JING: The One Belt, One Road (OBOR) ini­tia­tive will mu­tu­ally ben­e­fit Malaysia and China as both coun­tries will be able to im­ple­ment in­fra­struc­ture projects faster through strate­gic part­ner­ships, says Trans­port Min­is­ter Datuk Seri Liow Tiong Lai.

“Given our com­mit­ment, we can achieve the bi­lat­eral trade tar­get of RM640 bil­lion with con­tin­ued in­vest­ments from China un­der OBOR in 2018 and 2019.”

He said the Dig­i­tal Free Trade Zone had also set off an ex­cit­ing new phase and sig­nif­i­cant mile­stone for Malaysia to be the lo­gis­tics hub for South­east Asia.

“It is poised to change the en­tire land­scape of our lo­gis­tics in­dus­try.

Malaysia’s e-com­merce is still at the nascent stage and has huge growth po­ten­tial. Cur­rently, this sec­tor con­trib­utes only 5.8 per cent to the gross do­mes­tic prod­uct com­pared with 21 per cent in China and 35 per cent in the United States.

“Its busi­ness-to­busi­ness e-com­merce mar­ket is ex­pected to grow to RM15.13 bil­lion by 2020,” he said at the Belt and Road Fo­rum for In­ter­na­tional Co­op­er­a­tion here.

Liow was con­fi­dent OBOR would not just pro­mote con­nec­tiv­ity eco­nom­i­cally but also see the tremen­dous as­sim­i­la­tion of di­verse cul­tures.

Datuk Seri Liow Tiong Lai

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