Chinese investment in the manufacturing sector in Malaysia created more than 20,000 jobs for the locals last year, said Datuk Seri Ong Ka Chuan.
The International Trade and Industry Minister II said 191 manufacturing projects with Chinese interests were implemented as of December, amounting to an investment of US$1.76bil (RM7.09bil).
Another 17 manufacturing projects from China with investment worth more than US$436mil (RM1.75bil) were approved.
“Despite the roller coaster of the commodity prices, vitality in currencies and slowdown in economic growth, Malaysia’s economic fundamentals remain strong,” Ong said.
Ong was among the panelists for a session titled “Has Globalisation Reached Its Peak?” at the Boao Forum for Asia in Hainan province, China, yesterday.
On China’s Belt and Road initiative, Ong said these were the much-needed reforms towards achieving the next step of globalisation.
“Should Belt and Road succeed, it would create better integration of the East and West.
“In the past, the world centre has gravitated towards the West, particularly the United States. The rise of China seems to provide a counter balance for a better geo-economic hegemony,” he said.
Ong commented that China’s intent to restructure its manufacturing-led economy into one that was services-oriented could translate into higher demand for consumer goods from China and higher trade growth.
In an interview with China Central Television, Ong highlighted that e-commerce has contributed to 5.8% of Malaysia’s GDP in 2014, and there were plenty of opportunities for growth to achieve the targeted 6.4% by 2020 as stipulated in the 11th Malaysia Plan.
He added that there were more than 30 e-commerce related initiatives by different agencies to improve the e-commerce ecosystem in Malaysia, such as Matrade’s eTrade and Digital Malaysia’s MyCyberSale.
Prior to attending Boao Forum, Ong visited Malaysian-owned Perfect (China) Co Ltd in Zhongshan, Guangdong, on Tuesday.
The company was awarded a grant by the district government for being the biggest tax contributor in 2015.
Ong noted that Guangdong played an important role in Malaysia-China trade, and encouraged more exchanges in the future.
news source: thestar.com.my