Three Chinese firms pour in RM1.2bil after formation of Pakatan govt

KUALA LUMPUR: Three Chinese enterprises have invested RM1.2bil in Malaysia in the first week following the formation of the new government, says Chinese Ambassador to Malaysia Bai Tian.

“This is a reflection of Chinese enterprises’ appreciation of good business environment and the confidence they have in the new Malaysian government,” he said in a statement.

“China will work hand in hand with the new Malaysian government, to inherit and develop friendship of generations, expand the mutually benefiting cooperation and support each other.

“With joint efforts on both sides, the two governments would be able to develop in a higher, faster and stronger manner, embarking on a new journey and achieving greater glory.”

Bai Tian said this year marks the 44th anniversary of the formation of diplomatic relations between China and Malaysia.

He said 44 years ago, Malaysia was the first Asean country to establish diplomatic relations with China, starting a new phase of cooperation between the two countries.

“Leaders of the two countries have always maintained the general direction of China-Malaysia friendship while assessing the situation and complying with the trend,” he added.

Bai Tian said during the first 20 years of China’s reforms and opening up, a large number of Malaysian entrepreneurs came to China to invest and develop businesses, making valuable contributions to the process of liberalisation as well as national economic development.

Malaysia has invested US$7.58bil (RM30.18bil) in China, surpassing China’s investment in Malaysia.

China kept its promise of keeping the yuan from depreciating during the Asian financial crisis, which helped Malaysia fight the economic turmoil then.

For nine consecutive years, China has remained Malaysia’s largest trading partner and is the largest investor in manufacturing for two consecutive years. — Bernama