Malaysia, China sign deals on economic, trade cooperation

June 19, 2024 | 16:57

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Malaysia and China signed a slew of deals on June 19 renewing a five-year economic co-operation pact and allowing export of fresh durians, during a visit by Chinese Premier Li Qiang to mark 50 years of diplomatic ties, according to Reuters.

Malaysia, China sign deals on economic, trade cooperation

China's Premier Li Qiang (L) shakes hands with Malaysia's Prime Minister Anwar Ibrahim at their meeting in Putrajaya, Malaysia, on June 19, 2024. (Photo: reuters.com)

Hanoi – Malaysia and China signed a slew of deals on June 19 renewing a five-year economic co-operation pact and allowing export of fresh durians, during a visit by Chinese Premier Li Qiang to mark 50 years of diplomatic ties, according to Reuters.

Li Qiang met Malaysian Prime Minister Anwar Ibrahim in the administrative capital of Putrajaya, following his arrival in Kuala Lumpur the same day. After the meeting, they witnessed the signing of more than a dozen pacts on co-operation in areas ranging from the digital economy to green development, housing, tourism, and communications, among others.

The new five-year pact that runs to 2028 provides for strategic collaboration in areas such as trade and investment, agriculture, manufacturing, infrastructure, and financial services.

China also agreed to allow the import of fresh durian from Malaysia after it meets sanitary requirements.

Malaysia, one of the world's biggest producers of the fruit, was previously allowed to ship only the whole frozen fruit and its products to China, with export valued at 1.19 billion MYR (253 million USD) in 2023.

China has been Malaysia’s largest trade partner since 2009, and the total trade was valued at 98.9 billion USD in 2023.

On the same day, Li Qiang is also expected to meet Malaysia's King, Sultan Ibrahim, and attend a ground-breaking ceremony at a construction site for the East Coast Rail Link (ECRL), part of China's Belt and Road Initiative.

The 665-km, 50-billion-MYR (11-billion USD) railway will link peninsular Malaysia's east and west coasts by the end of 2026.

Malaysia plans to build first smart AI container port

In an effort to capture logistics demand due to changes in global supply chains, Malaysia is planning to build a new container port along the west coast of the Malay Peninsula facing the Strait of Malacca, which was one of the busiest sea route in the world.

Malaysia, Singapore expected to become global hi-tech hubs

The Malaysia-Singapore Special Economic Zone and the proposed Johor-Singapore Rapid Transit System (RTS) that will be finalised by both countries can have a positive impact on the relationship between the two neighbours, said economic analyst Dr. Oh Ei Sun.

By VNA

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