CITI POSITIVE ON BELT AND ROAD INITIATIVE

KUALA LUMPUR: Citi Group believes that China’s Belt and Road initiative has the potential to lower trade costs, increase competitiveness, improve infrastructure and provide greater connectivity in Asia.

As such, it recently hosted a business forum for more than 30 China corporates, highlighting Citi’s broad and mature global network, its strong capability to innovate and deep understanding of the Asia Pacific market.

“Malaysia and China have a strong history of bilateral trade and cultural relevance. The initiative will open new opportunities for more investors from China to expand their operations here,” said Citi Malaysia chief executive officer (CEO) Lee Lung Nien.

“We felt that it was important from the onset to provide a country brief on doing business in Malaysia and also understand the country’s trade and investment priorities. In Malaysia, we have set up a China Desk in our global subsidiaries to further support China-based clients investing in the country and vice-versa.”

He said the initiative signalled a new way forward while presenting a bright upside for astute investors and companies with the courage to harness their existing strengths, embrace the megatrends of new technology, build sustainable environments and adapt quickly to changing global perspectives.

Citi China president and CEO Christine Lam reiterated the importance of Belt and Road initiative to Asean.

“Asean is a key area and we are here to partner with you and take advantage of investment growth opportunities as well as help you through the challenges ahead.”